Gold wandered near the 2 weeks low yesterday. The market opened near 1789, and the price had climbed to the day-high 1796 early before the European session. The price then began to slip. It touched a 2-weeks low at 1777 at the US session. The day ended near 1788, down slightly by USD 1.

After the price visited the bottom twice in the last 48 hours, Gold has finally found the S-T support at 1780. During the US thanksgiving holiday, expect the price to remain within the 1780-1810(1) range.

Althought the price touched the 1780 support twice, it has failed to close below the 50 days(3) MA in the last 2 attempts. An S-T bottom is now been formed on the daily chart. The S-T trend is similar to yesterday, where the price is now bounded by the 50 days(3) & the 100 days(2) MA, and the upside target remains the 250 days MA (around 1803).

S-T Resistances:

1808

1800-03

1795

Market price: 1793

S-T Supports:

1788-90

1783

1780

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.