Gold dropped to a new 2-month low yesterday. The price kept on rolling lower after the day began at 1899. At the US session opening, it broke out from last week’s low, 1874, and touched the day-low at 1854. The price rebounded slightly before the day ending at 1862, down by USD 34.
Selling resumed yesterday on the 1-hour chart after the price had broken out from last week’s low. We can expect the price to remain under pressure before the US Fed. Meeting. The downside target can be set at 1835-40 if the price can clear the buying support at the 1850-53 level.
The double-top pattern(2) still dominates the daily chart’s price movement. The selling has resumed after the price retraced back to the double-top neckline(2.1). The 250 days MA(3) remains our target to the downside in S-T.
S-T Resistances:
1880
1874
1865
Market price: 1860
S-T Supports:
1855
1850
1848
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