Gold rallied to a new weekly low yesterday. The market opened at 1761 and traded range-bound early in the Asian and European sessions. The price touched the day-high at the US session opening, then the slide began. It touched the day-low at 1755, with the day’s ending at 1758.
The trend reversal signal has yet to appear, where the downtrend channel(1) is still dominating the S-T movement in the 1-hour chart. 1750(2) is still valid; if the price fails to clear the buying support within today, it should be able to stay within 1750-70(2) in the next 24-48 hours.
The breaking of support 1755(4) has not yet been confirmed. If the price breakout from 1755(4), the downside target will be at 1730-40(5).
S-T Resistances:
1765
1760
1755
Market price: 1752
S-T Supports:
1750
1740-43
1735
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