Gold fell below the low of 2890-2888 yesterday, and the lower support line of the rising channel was also broken. The short-term trend turned bearish, opening up the space below, which means that the magnitude of this round of retracement will be relatively large.
The daily line closed with a big negative below the short-term moving average. Gold will continue to fall today. Focus on the support of the 30-day moving average, which is about 2850. If we look at the entire increase from 2853 to 2956, the retracement support level of 283 is at 2813.
Gold continued to fall at the opening in the morning, with the lowest price hitting 2856. In the afternoon rebound, focus on the pressure at 2876, and expect a second decline. The watershed is at 2885, and the support below is around 2850. The strong support is at 2834-2835, and a rebound may be expected.
The daily line closed with a big negative below the short-term moving average. Gold will continue to fall today. Focus on the support of the 30-day moving average, which is about 2850. If we look at the entire increase from 2853 to 2956, the retracement support level of 283 is at 2813.
Gold continued to fall at the opening in the morning, with the lowest price hitting 2856. In the afternoon rebound, focus on the pressure at 2876, and expect a second decline. The watershed is at 2885, and the support below is around 2850. The strong support is at 2834-2835, and a rebound may be expected.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.