Gold Trend 24/11

Gold sunk deeper yesterday. The price had steadily gone lower throughout the day after the slight rebound early in the Asian session. Once the price crossed the support at 1800-03(1), the price has gone all the way to day-low near 1781. The day ended at 1788, down by USD 15.

After 4 days of consolidation, the range of the drop yesterday has finally narrowed down. The gold found a S-T support at 1780, however, a bottom for the current downtrend has yet to be confirmed. Perlimeray expectation is the price to trade between 1780-1810(2) for today, and the breakout of the key resistance 1800-03 will be the first signal of the price finding the bottom.

Gold is trying to break the support trendline(3) on the daily chart. If the price fails to jump back to above line(3) in the next 2 days, it will most likely visit again 1760 or below. The price is currently bounded by the 50 days(4) & 100 days(5) MA. The 250 days MA(1803) will be the target on the upside if it breaks the 100 days MA.

S-T Resistances:
1808
1800-03
1795

Market price: 1793

S-T Supports:
1788-90
1783
1780

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