Gold Trend 23/08 - 26/08
Updated
Gold sunk further yesterday. The market opened at 1746. The price first touched the day-high at 1749 in the early Asian session, and the selling began. It went to day-low 1727 at the US session opening, with the day ending at 1735.
The price failed to defend the 1750 and 1740 support on the 1-hour chart, the downtrend channel(1) is still dominating the S-T trend for now. A decent rebound will only begin if the price escapes the downtrend channel(2). The price is now supporting at 1730; before the next break, expect the price to trade within 1730-50(3).
Gold touched the 38.2% retracement yesterday near 1728(5). After it cleared the support of 1750-55, the price touched the next downside support zone, 1730-40(4). If the price closes above 1735, the price should be able to reach 1750-55 in the next 24-48 hours.
S-T Resistances:
1750-55
1745
1740
Market price: 1736
S-T Supports:
1730-27
1720
1710
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P. To
The price failed to defend the 1750 and 1740 support on the 1-hour chart, the downtrend channel(1) is still dominating the S-T trend for now. A decent rebound will only begin if the price escapes the downtrend channel(2). The price is now supporting at 1730; before the next break, expect the price to trade within 1730-50(3).
Gold touched the 38.2% retracement yesterday near 1728(5). After it cleared the support of 1750-55, the price touched the next downside support zone, 1730-40(4). If the price closes above 1735, the price should be able to reach 1750-55 in the next 24-48 hours.
S-T Resistances:
1750-55
1745
1740
Market price: 1736
S-T Supports:
1730-27
1720
1710
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
Note
Gold stayed in a tight range yesterday. The day began at 1748, and the price was bounded within 1745-50 early in the Asian & European sessions. It touched the day-low near 1742 before the US session, then the buying came into the market. The day-high reached 1755, with day ending at 1750.
The uplifting momentum has accelerated as the upward trend line shifted from (3) to (3.1) yesterday. The price has cleared the selling resistance between 1750-55 early in the Asian session today, triggered a new round of buying. Once the price clears the next resistance 1760(2), the next upside target will be at 1770-73.
The structure 1730-80(4) dominates the daily chart for now. The 10-day MA(5) is now blocking the upward movement; nce it is cleared, the next target will be at 20 day MA(6).
S-T Resistances:
1775-73
1770
1765
Market price: 1762
S-T Supports:
1759-60
1755
1750
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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