Gold Trend 08/11
Gold touched a two-week low yesterday. In the early Asian session, it continued the selling from the previous day and trended downwards, testing the support of 1970. The downtrend continued during the European session, reaching the daily low of 1956. The rebound began in the U.S. session and ended the day of 1969, down by 8 dollars.
1-hour chart - S-T technical resistance is now around the 1970-75 level to block the rebound in early trading today. After the rebound in the U.S. session yesterday, an S-T downtrend channel(1) has formed; use it as a reference for now.
Daily chart - The rebound at the U.S. market drew a relatively long bottom wick(2) on the daily chart yesterday, indicating that there are still a few buying orders placed below 1960. The chances of breaking the 1950-55 support are thin today; wait for the next breakout signal. The previously mentioned range of 1953-96 (4) remains valid.
S-T resistances:
1980
1974
1970
Current price: 1967
S-T supports:
1960
1955
1950
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
1-hour chart - S-T technical resistance is now around the 1970-75 level to block the rebound in early trading today. After the rebound in the U.S. session yesterday, an S-T downtrend channel(1) has formed; use it as a reference for now.
Daily chart - The rebound at the U.S. market drew a relatively long bottom wick(2) on the daily chart yesterday, indicating that there are still a few buying orders placed below 1960. The chances of breaking the 1950-55 support are thin today; wait for the next breakout signal. The previously mentioned range of 1953-96 (4) remains valid.
S-T resistances:
1980
1974
1970
Current price: 1967
S-T supports:
1960
1955
1950
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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