Gold trend 21/07
Gold slipped to a 1-year low yesterday. The day began at 1711; throughout the day, the price was bounded by the 1706-14 range. The price went below 1700(2) before the day's end, touching the day-low near 1692. The day ended at 1696, down by USD 14.
A new round of selling started after gold finally left the 1700-20(1) range. Expect the price to trade between 1680-1700 in the next 24-48 hours, where the critical support remains at 1680.
As mentioned before, the buying above 1710(4) has been weak, and the downtrend has yet to reverse. The next downside target remains at 1680.
S-T Resistances:
1715
1708-10
1700
Market price: 1693
S-T Supports:
1690
1685
1680
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P. To
A new round of selling started after gold finally left the 1700-20(1) range. Expect the price to trade between 1680-1700 in the next 24-48 hours, where the critical support remains at 1680.
As mentioned before, the buying above 1710(4) has been weak, and the downtrend has yet to reverse. The next downside target remains at 1680.
S-T Resistances:
1715
1708-10
1700
Market price: 1693
S-T Supports:
1690
1685
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!
P. To
P. To @ 1uptick Analytics
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