The gold price was relatively stable yesterday, traded within 1750-60 throughout the day. The price has failed to carry the downward momentum from last Friday, and the price is now stable within the 1746-64(1) range. Investors can take advantage of the rangebound pattern before the breakout.

After the rapid pullback(2) last Friday, the market is still waiting for the bottom-out signal on the daily chart . For the moment, trading in the tight range of 1750-60(3), before the downtrend resumes.

S-T Resistances:

1770

1764

1760

Market price: 1757

S-T Supports:

1755

1750-21

1744-45

Risk Disclosure: Gold Bullion/Silver (“Bullion”) trading carries a high degree of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. This article is for reference only and is not a solicitation or advice to trade any currencies and investment products . Before deciding to trade Bullion you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment or even more in extreme circumstances (such as Gapping underlying markets) and therefore, you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading Bullion, and seek advice from an independent financial advisor if you require. Client should not make investment decision solely based on the point of view and information on this article.