Gold traded in a tight range yesterday. The overall daily movement was pretty much like the day before - pulling back before the day's end.; the price climbed to the day-high 1660 in the early session and retraced back to the opening price of 1650 before the day's end.
The S-T trend is still controlled by the S-T downtrend resistance (1.1) that was mentioned yesterday. Overall, the market is bearish. However, the short-selling before 1650 is still relatively weak. Due to the lack of momentum, expect the price to remain within 1640-65(2) until it escapes.
The pullbacks before the day's end on the second consecutive day have created another bearish signal on the daily chart. Wait for the signal; a new round of selling should only begin if the price close below 1650 on the daily chart; before that, the price should continue to wander around 1650.
S-T Resistances:
1665
1660
1655
Market price: 1651
S-T Supports:
1650
1645
1640
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The S-T trend is still controlled by the S-T downtrend resistance (1.1) that was mentioned yesterday. Overall, the market is bearish. However, the short-selling before 1650 is still relatively weak. Due to the lack of momentum, expect the price to remain within 1640-65(2) until it escapes.
The pullbacks before the day's end on the second consecutive day have created another bearish signal on the daily chart. Wait for the signal; a new round of selling should only begin if the price close below 1650 on the daily chart; before that, the price should continue to wander around 1650.
S-T Resistances:
1665
1660
1655
Market price: 1651
S-T Supports:
1650
1645
1640
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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