Gold Trend 28/04

Gold dropped further yesterday. The day began near day-high around 1905, and the price has kept on moving lower throughout the day. The price finally broke the 1894(1) support at the US session opening and fell to the day-low at 1881. The day ended at 1885, down by USD 19.

Gold is still under the selling pressure from the resistance trendline(3) on the 1-hour chart. It has yet to find its bottom since it has cleared the 1894 and 1880 support in the past 24 hours; selling will continue with the downside target setting at 1853-50.

Nothing has changed in the past two days as the breaking of the double-top neckline controls the daily chart’s movement. The gold market remains bearish, and the 250 days MA(5) will be the next supporting target.

S-T Resistances:

1900

1890-94

1880

Market price: 1875

S-T Supports:

1870

1865

1853-55

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