Gold fell more than USD 40 yesterday. Back from the weekend, the market gapped lower at the opening near 1841. Once the price broke out from 1843(1), selling had accelerated. At the US session, the price crossed the key support at 1833(2) and dropped further. The market had touched day-low at 1802 before closing with the day ending at 1804, down by USD 42.
Gold has completed a 61.8%(3) retracement from its previous climb. The price is now supported at 1800-03, however, a reversal signal has yet to form. The overall trend in the 1-hour is still dominated by selling. Expect the price to be bounded within 1800-20(4), before the next move.
The long-awaited consolidation has finally appeared after the price broke out from Range(5), the fall is a lot faster and sharper than expected. Although the price is currently standing at the 250 days MA(6), a reversal signal is yet to reveal. If the price travel to the downside in the next 48 hours, expect the price to touch trendline (7).
S-T Resistances:
1825
1820
1810-12
Market price: 1807
S-T Supports:
1803-00
1795
1790
Risk Disclosure: Gold Bullion/Silver (“Bullion”) trading carries a high degree of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. This article is for reference only and is not a solicitation or advice to trade any currencies and investment products . Before deciding to trade Bullion you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment or even more in extreme circumstances (such as Gapping underlying markets) and therefore, you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading Bullion, and seek advice from an independent financial advisor if you require. Client should not make investment decision solely based on the point of view and information on this article.
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