Gold pulled back from the top of the range yesterday. The day started at 1936; the price was traded in a tight range between 1931-36 early in the Asian session. Selling has begun since the price broke the 1930 support at the European session, and the drop has accelerated after it crossed the support trendline (1) at the US session. The day-low touched 1910 with the day ended at 1920, down by USD 14.
The buying support was quite strong yesterday as it was trading below 1915(2), and the pattern is very similar to the one that occurred on Monday(2.1), as an S-T reversal signal, only upsidedown. Expect the price to trade between 1915-30(3) in the early session. If the price breaks the 1930 resistance, the upside target will be near 1940.
The overall structure has changed much on the daily chart. The operating range remains in 1917-42 until the pattern alters.
S-T Resistances:
1950
1940-41
1930
Market price: 1922
S-T Supports:
1920
1915
1910-08
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The buying support was quite strong yesterday as it was trading below 1915(2), and the pattern is very similar to the one that occurred on Monday(2.1), as an S-T reversal signal, only upsidedown. Expect the price to trade between 1915-30(3) in the early session. If the price breaks the 1930 resistance, the upside target will be near 1940.
The overall structure has changed much on the daily chart. The operating range remains in 1917-42 until the pattern alters.
S-T Resistances:
1950
1940-41
1930
Market price: 1922
S-T Supports:
1920
1915
1910-08
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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