Gold Trend 29/11

Gold fluctuated between 1780-1815 last Friday. The price had kept edging up after the market opened near 1790. Once it broke the 1800-03 resistance at the European session, the price jumped to a 1-week high of 1815.6. But the buying failed to sustain, the price fell all the way to day-low 1780 thereafter. The day ended at 1790, up slightly by USD 1, day range at USD 35.

Surprisingly the pattern hasn’t changed much on the 1-hour chart. Overall the price is still bound by the 1780-1810 range, as mentioned last week. Until the price escapes the zone, stay with the range-bound strategy, with 1800-03(2) is the current S-T resistance.

The price has officially broken out from the upward trendline(3) on the daily chart, and it’s now entering a period of horizontal range-bound(4). Althought the price has visited 1780 a few times, the buying support so far seems strong as it has never been able to close below 1788 on the daily chart(5). A daily closing price below 1788 will be the first sign of it breaking the downside.

S-T Resistances:

1808

1800-03

1795

Market price: 1793

S-T Supports:

1788-90

1783

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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