The long awaited break-through finally appeared yesterday.
The price traded between 1722-28 through out the Asian & European session yesterday. It broke the major support at 1720(1) early in the US session, went all the way to day low 1705 and slightly rebounded to 1712 to end the day.
Gold once again hit the day low of yesterday early in the Asian session today, with buying support was shown near the 1705 level this morning, however, no reversal signal can be confirmed yet. The price will remain bearish in the next 24 hours unless it can close above 1710 today.
As mentioned yesterday, gold was under the pressure from the resistance line(2) and a break was due in the last 24 hours. The trend should remains downward unless a reversal signal appears. Need to pay attention to the L-T support line (4) .
S-T Resistances:
1720
1715
1710
Market Price: 1707
S-T Supports:
1705
1700
1695
Please give us a thumbs up if you like our ideas. Leave us a comment and share your thoughts.
The price traded between 1722-28 through out the Asian & European session yesterday. It broke the major support at 1720(1) early in the US session, went all the way to day low 1705 and slightly rebounded to 1712 to end the day.
Gold once again hit the day low of yesterday early in the Asian session today, with buying support was shown near the 1705 level this morning, however, no reversal signal can be confirmed yet. The price will remain bearish in the next 24 hours unless it can close above 1710 today.
As mentioned yesterday, gold was under the pressure from the resistance line(2) and a break was due in the last 24 hours. The trend should remains downward unless a reversal signal appears. Need to pay attention to the L-T support line (4) .
S-T Resistances:
1720
1715
1710
Market Price: 1707
S-T Supports:
1705
1700
1695
Please give us a thumbs up if you like our ideas. Leave us a comment and share your thoughts.
P. To @ 1uptick Analytic
