Gold Trend 17/11

Gold retreated from the 5-month high yesterday. The day started near 1861 early in the Asian session. Once the price broke the 1870 resistance, it has gone all the way to a new 5-month high at 1876. However, soon after the US economic figures were released, the price quickly fell. It dropped to day-low 1849, with the day ending near 1850, down by USD 12.

The price is still trading within the wedge pattern(1) as mentioned in the past few days. As the price pulled away from the top section of the pattern, the forgotten S-T trend line(1.1) is now providing support. 1843 will provide support to the downside, if the price breaks out from 1843, the next target can be set at 1833 & 1820 thereafter.

A sign of reversal(3) has been formed after the price pulled back from the peak yesterday. If the price can break out from Range (2) on the daily chart, the long-awaited consolidation period will finally appear.

S-T Resistances:

1868

1860-62

1855

Market price: 1852

S-T Supports:

1850

1845-43

1840

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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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