Gold pulled back from the 1-week high yesterday. The market opened near 1784 and the price had climbed to the day-high 1793 at the European session. The price stayed within 1780-85 during the US session, with the day ending at 1782 down by USD 2.

The price was rejected by 1792(1) yesterday, along with the S-T uptrend channel(2) remaining in place, the triangular pattern(3) should be the dominant pattern in the next 24 hours in the 1-hour chart.

The horizontal 1770-95 range(4) is still in effect in the daily chart. Yesterday’s pullback(5) had shown that the selling above 1790 remains quite strong. As mentioned yesterday, the first sign of the pattern turning upward will be the daily closing price ending above 1795 (or even 1790 for now).

S-T Resistances:

1800

1792-94

1788

Market price: 1784

S-T Supports:

1778-80

1774

1768-70

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.