Gold pulled back near the 1-week high yesterday. The day began at 1724. and the price was bounded by 1720-30 during the early Asian and European sessions. Once the US released its inflation figures, the price broke out from the uptrend channel(1) and dipped to the day low near 1697. The day eventually ended at 1701, down by USD 23.
Although gold fell more than USD 20 yesterday, it still maintains its position within the 1700-30(2) range in the 1-hour chart. If an S-T rebound began in early trading, the upside target could be set at 1709(3).
The selling has yet to show signs of slowing down on the daily chart. The price may test again at the bottom of the range(4) near 1690, later in the European or the US trading sessions.
S-T Resistance:
1720
1715
1709-10
Market price: 1700
S-T Supports:
1697
1690
1680
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Although gold fell more than USD 20 yesterday, it still maintains its position within the 1700-30(2) range in the 1-hour chart. If an S-T rebound began in early trading, the upside target could be set at 1709(3).
The selling has yet to show signs of slowing down on the daily chart. The price may test again at the bottom of the range(4) near 1690, later in the European or the US trading sessions.
S-T Resistance:
1720
1715
1709-10
Market price: 1700
S-T Supports:
1697
1690
1680
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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