Gold touched a new 1-week low yesterday. The day began at 1667, and the price was traded between 1660-71 throughout the Asian & European sessions. A rapid jump to the day-high 1684 occurred at the US session, but the price got pull-back led to the day ending at 1665, down by USD 2.
The S-T selling trend originated from 1710 has ended yesterday after the price climbed above the downward trendline(1). Waiting for the US Fed. Minutes later today, the price is settling in a tight range between 1660-80(2).
Gold's pull-back from 1684 yesterday has created a selling signal(4) on the daily chart. The trend on the daily chart remains bearish, and the resistance at the 20-day MA(5) remains in effect.
S-T Resistances: 1680 1676 1670
Market price: 1667
S-T Supprots: 1665 1660 1655
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