Gold traded flat yesterday. The day began at 1719; the price first tested the day-high at 1728 in the Asian session, and it began to consolidate. The daily range was tight within USD 15, with the price just traded between 1715-20 before the day’s end.
As mentioned yesterday, we can continue to take advantage of the 1705-35(2) range before the US Fed. Meeting. As the price went below the support trendline(1) on the 1-hour chart, the S-T trend is now weakening. The downside target will remain near 1705-08 once the price clears the current S-T support at 1715.
Gold is sinking lower with the range(4) on the daily chart. The current candle patterns are a bearish sign similar to those(3) before. However, stay tuned for the US Fed. Announcements, a new trend, may start later on today.
S-T Resistances:
1735
1728-30
1720
Market price: 1717
S-T Supports:
1710
1705
1700
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