Gold extended its losses since the last report.
It’s now well below the 1800 dollar pivot, heading towards 1750 dollar floor.
On the daily chart below, the move has been slow going on the approach of that support and it’s hard to gauge buy order interests there.
The H4 and H1 charts below shows plenty of confirmed order levels to satisfy everyone.
As long as price action continues to drift downwards away from the 60MA line, gold bears can short on rebounds to the higher resistance levels. Gold bulls can look forward on layering bids above 1750 dollars.
Everything will hinge on how markets behave when/if price hits the 1750 dollar floor.
The targeted support and resistance levels are in the latest colored boxes on the respective charts.
Price action would have to cross their respective colored zones to confirm any meaningful change or extension in trend.
As always, all prior support and resistance lines were still respected and will likely continue to be.
—
All displayed chart support/resistance lines are either historical levels or actual confirmed order book levels currently being traded by major players based on available market intelligence.
Disclaimer: This content is for educational purposes only. It does not constitute trading or investment advice. Past performance does not indicate future results. Do not invest more than you can afford to lose.
