Gold fell from the 1-month high yesterday. Carried the buying momentum from the previous session, the price jumped to a new high 1879 within the first hour of the market’s opening. But, the climb failed to sustain. The price quickly fell back to its range of 1830-70, and the slide began. The selling accelerated after gold broke the 1850(1) support at the opening of the US session. The day ended near the day low at 1819, down by USD 51.

Like yesterday, the price has touched a new low at 1808 at the opening hour of the early Asian session. As the price cleared the support at 1830(2) yesterday, we expect the price to remain weak within the coming 24-48 hours, most likely before the US Fed. Meeting on Wed. The 1808-40(3) range should be the range before the next break.

The trend has turned weak after gold finally escaped the range of 1830-70(4) yesterday. The next critical support level is now sitting at 1800-10, with the 250 days MA(5) remaining as the upside resistance for now.

S-T Resistances:

1840

1833-35

1830

Market price: 1824

S-T Supports:

1820

1810-08

1805-00

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