Gold Trend 25/10

Gold retreated from the 2-month high last Friday. The day opened near 1783. The price has broken out from 1788(1) early in the European session and burst up the second time at the US session opening. Once it had touched the highest at 1813, the price dropped back quickly to the day’s opening price 1783. The market ended at 1792, up by USD 10.

Although the price has crossed the 1800(2) barrier, it failed to stay above it. The upward momentum from breaking 1788 has all been absorbed by the sharp drop. The price is still maintaining its path within the uptrend channel (3), however, the trend has been tightening down to a wedge pattern(4) as it gets close to 1800. Before the next move, expect the price to fluctuate between 1788-1813.

The price almost touched the upper limit of the uptrend channel (6) last Friday on the daily chart . A selling signal(5) has appeared after the drop. In order to carry on the selling momentum, the market needs to close below 1792 in the next few trading days. If the price fails to close below 1792 in the next 2 days, the trend will resume upward within the channel(6).

S-T Resistances:

1810-13

1805

1800

Market price: 1798

S-T Supports:

1794

1788

1780

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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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