Gold pulled back from a 1-week high yesterday. The market opened near 1774 early in the Asian session, and the price had been under pressure by 1780(1) until the US Fed. meeting. The price had touched the day-high 1787 before its drop. The day ended at 1768, downed by USD 6.
The upward movement originated from Monday is now officially ended by gold breaking out from the S-T uptrend channel(3) yesterday. The price was again rejected by trendline(2), the downtrend channel will continue with the bottom support at trendline(2.1).
The wave pattern(5) is still valid and developing on the daily chart. Trendline(6) will provide support in S-T.
S-T Resistances:
1775
1770
1765
Market price 1764
S-T Supports:
1760
1755
1750
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The upward movement originated from Monday is now officially ended by gold breaking out from the S-T uptrend channel(3) yesterday. The price was again rejected by trendline(2), the downtrend channel will continue with the bottom support at trendline(2.1).
The wave pattern(5) is still valid and developing on the daily chart. Trendline(6) will provide support in S-T.
S-T Resistances:
1775
1770
1765
Market price 1764
S-T Supports:
1760
1755
1750
If you like our work, please give our team a thumbs up. Feel free to leave a comment, let us know what you think!
P. To
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