Gold Trend 18/10

Gold pulled back from a one-month high last Friday. The price has gradually moved lower after the market opened near day-high at 1795. It broke the support 1780(3) at the US session opening and fell all the way to day-low at 1763. The trading day ended at 1767, down by USD 28.

After 2-days of trading between 1785-1800, gold has failed to stay above 1780(3) while it came back to below 1770 last Friday. The newly formed up-trend channel(2) is still valid, however, if the price breaks the bottom support(2.1), it will then resume its position back to the 1746-1770 zone in S-T.

Gold has peaked at 1796(4) on the daily chart . The selling from last Friday has basically canceled out the buying momentum from the days before. An uptrend channel originated on Sept. 30 is now supporting the price at near 1765. If the price escapes the channel(5), the price may settle into 1746-1780 in S-T.

S-T Resistances:

1780

1775

1768-70

Market price: 1768

S-T Supports:

1764

1760

1755

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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. 

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