Gold inched higher yesterday. The price had been steadily on its way up after the market opened near day-low around 1782. The price reached day-high 1791 before the US session, and the price retraced thereafter, with the day ending near 1786.

The pattern hasn’t changed much in the 1-hour chart. Overall the price is still maintaining its path within the 1770-1792 range(1), continuing to take advantage of the current stable range-bound market.

The horizontal pattern 1770-1793(2) is still dominating the daily chart. The 100 days MA remains the resistance to the upside, & the newly formed upward trendline(4) may provide support in S-T to the downside.

S-T Resistances:

1800

1792-94

1788

Market price: 1785

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.