Gold fell another USD 7 yesterday. The market opened at 1733. After the price rebounded to day-high 1745 in the early Asian/European session, it had begun its fall and touched a new monthly low 1726.
The price is still trading within the M-T downtrend channel in the 1-hours chart. The market is still pressured by the resistance line(3). Closing above 1733 and break out from trendline(3) will be the first sign of the downtrend bottoming out.
Two consecutive days of trading have accumulated USD 33 of fall on the daily chart. The selling momentum is slowing down, but the market is still waiting for the reversal signal to end the drop.
S-T Resistances:
1740
1735
1730
Market price: 1728
S-T Supports:
1725
1720-21
1712
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The price is still trading within the M-T downtrend channel in the 1-hours chart. The market is still pressured by the resistance line(3). Closing above 1733 and break out from trendline(3) will be the first sign of the downtrend bottoming out.
Two consecutive days of trading have accumulated USD 33 of fall on the daily chart. The selling momentum is slowing down, but the market is still waiting for the reversal signal to end the drop.
S-T Resistances:
1740
1735
1730
Market price: 1728
S-T Supports:
1725
1720-21
1712
If you like our work, kindly give our team a thumbs up. Feel free to leave a comment, let us know what you think!
P. To
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