Gold touched a new 9-month low yesterday. After the market opened at 1765,m the price was bounded by 1765-72 throughout the Asian and European sessions. The selling momentum has resumed as the market approaches the US session. Once the price cleared the support at 1750(1), it went to a day-low near 1731. The day ended at 1738, down by USD 26.
Gold seems to have found an S-T support near 1730. The fall originated from 1800 should slow down as long as the price can stand above the S-T resistance line(2). The operation range has shifted from yesterday's 1750-83 to 1730-65(3), where S-T resistance sits at 1750 for now.
The price has reached our target of 1730 within 48 hours after it broke the critical 1800 support on the daily chart, and the 1:1 pattern (5) is completed. The downtrend channel(4) remains valid; wait for the next pattern to form for now.
S-T Resistances:
1765
1760
1750
Market price: 1746
S-T Supports:
1738-40
1730-31
1720
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Gold seems to have found an S-T support near 1730. The fall originated from 1800 should slow down as long as the price can stand above the S-T resistance line(2). The operation range has shifted from yesterday's 1750-83 to 1730-65(3), where S-T resistance sits at 1750 for now.
The price has reached our target of 1730 within 48 hours after it broke the critical 1800 support on the daily chart, and the 1:1 pattern (5) is completed. The downtrend channel(4) remains valid; wait for the next pattern to form for now.
S-T Resistances:
1765
1760
1750
Market price: 1746
S-T Supports:
1738-40
1730-31
1720
If you like our work, kindly give our team a thumbs up. Feel free to leave a comment; let us know what you think!
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