Gold Trend 17/11

Gold was again rejected by 1785 yesterday. The day began at 1778; the price was bounded by the 1770-80 range throughout the Asian & early European sessions; it jumped to the day-high near 1785 before the US session. The price stayed above 1780 for a few hours but pulled back at the US session opening. The day ended at 1773, down by USD 5.

As mentioned yesterday, selling resistance is strong above 1780(2). The trading range of 1770-80 lasted until the price cleared the support(3) early today. As the price escaped the uptrend channel(1), an S-T consolidation period should begin—the downside target set at 1755(4) for now.

An S-T peak has occurred after the price breakout from the 5-day MA support on the daily chart. 1746 is the 23.6& retracement following the 38.2% target at near 1722.

S-T Resistances:
1780
1775
1770

Market price: 1763

S-T Supports:
1760
1755
1750

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