Yesterday, gold recovered from the fall the day before. The market opened near day low around 1850 early in the Asian session and the price has continued to climb. At the US session, it reached the day-high near 1867. The day ended at 1867, up by USD 17.

The pattern has changed much on the 1-hour chart in the last 24 hours. The price is still maintaining its path with the wedge pattern(1). No sign of it escaping the range any time soon, can continue to take advantage of the pattern(1).

The horizontal range 1848-68(2) is still valid. As mentioned yesterday, if the price is not able to escape the range within today, it will stay within 1848-68 for another 2-3 trading days.

S-T Resistances:

1880

1875

1868-70

Market price: 1865

S-T Supports:

1860-62

1855

1850

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.