Gold slipped further yesterday. The market has opened at 1980, and the price has kept slipping throughout the trading day; it broke last Friday's low, 1959, at the US session opening. The market closed near day low at 1950, with the day lower by USD 37.
The price has broken the lower support the downtrend channel(2) early in the Asian session today, a sign of the downward momentum accelerating. At the same time, the price has crossed the major support of 1950(1), triggering a new round of selling. The target to the downside can now be set at 1920(3) & 1880(4) if it falls further.
The price has escaped the supporting zone(4) on the daiy chart from the weekend, a sign of the market turning south. As the price broke the critical support 1950, expect the price to consolidate further. 1910(6) can be set as the first target to the downside.
S-T Resistances:
1960
1950
1940
Market price: 1932
S-T Supports:
1925
1920
1910
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The price has broken the lower support the downtrend channel(2) early in the Asian session today, a sign of the downward momentum accelerating. At the same time, the price has crossed the major support of 1950(1), triggering a new round of selling. The target to the downside can now be set at 1920(3) & 1880(4) if it falls further.
The price has escaped the supporting zone(4) on the daiy chart from the weekend, a sign of the market turning south. As the price broke the critical support 1950, expect the price to consolidate further. 1910(6) can be set as the first target to the downside.
S-T Resistances:
1960
1950
1940
Market price: 1932
S-T Supports:
1925
1920
1910
If you like our work, kindly give our team a thumbs up. Feel free to leave a comment; let us know what you think!
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