Gold Trend 08/10

Gold traded in a relatively tight range yesterday. The market had opened near 1764 early in the Asian session and jumped to the day-high at 1766 at the European session. The price slipped at the US session. The day ended near 1754, down by USD 7.

The structure hasn't changed much, can't see any new indications on the 1-hour chart. Overall the price is still range-bounding within 1746-64(1), waiting for the US employment figures for the breakout.

It is the first time this week the gold price close below 1760(2), a sign of the trend turning weak. If no surprises from the US employment figures tonight, the gold price may start to consolidate lower.

S-T Resistances:
1770
1764
1760

Market price: 1757

S-T Supports:
1755
1750-21
1744-45

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