Gold Trend 15/11

Gold rallied at the 5-month peak last Friday. The selling has been relatively strong early in the Asia/European session after the market opened at 1861. The price has touched the day-low near 1843 before the US session. The rebound began as the gold entered the US session and the price was once again rejected by 1868. The day ended at 1864, up by USD 3.

The uptrend channel (1) can still be used as a reference guideline on the 1-hour chart. The market condition remains pretty much the same as last week, where the resistance above 1865-68(2) stays strong. A wedge pattern has been newly formed since last Thursday, the support is near 1843.

The S-T pattern(4) remains the same as last week on the daily chart. The price is still bound by 1848-68(4) awaiting the breakout.

S-T Resistances:

1875

1868

1860-62

Market price: 1858

S-T Supports:

1855

1850

1844

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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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