Trend of the daily chart : downward / sideways
Brief classification
A downward trend structure has established itself from the correction from the all-time high at $ 2,089.2. The interim rally that began in early April was rejected at the $ 1,900 resistance in a strong corrective move from the June high. The recovery attempts from July and August failed in the range of $ 1,840.
After testing the support zone in the low at $ 1,677, the gold future turned up again. This move also stalled in the $ 1,840 resistance zone in early September. An interim recovery has recently formed from the September low at $ 1,721 to above the SMA200, although it was unable to defend its high at $ 1,815 last week. On Friday the price rescued itself from the daily low at $ 1,772 just above the rising SMA50 (@ $ 1,782).
The intermediate recovery is again difficult with the round price mark of $ 1,800. The SMA200 (@ $ 1,793) is also offering resistance and capping rising prices. Sideways between $ 1,720 and $ 1,840 is still the most likely scenario.
On the upside, the targets are at the latest moving high of $ 1,815 and next in the resistance zone around $ 1,840. The downside should show support at $ 1,750 and $ 1,721 before the $ 1,690 zone should prove itself
