Gold Trend 07/01

Gold fell USD 19 yesterday. The drop began early after the day began near day-high around 1810 at the Asian session. Once the price broke the support of the uptrend channel(1), the selling has accelerated. The price went to the early low around 1792. After a brief rebound, the second round of selling occurred at the US session, the price touched a day-low near 1787 and ended at 1790.

The uptrend originated from Dec. 16 is now officially ended after the price has escaped the uptrend channel(1). The price has already arrived at our 1st target near 1790. Overall the trend in the 1-hour chart is still pointing down. While the price is tangling around 1790(2), we can still expect the price to sink lower toward 1775(3). Be cautious where the US employment figure may alter the S-T trend tonight.

In line with our expectations, the daily chart is dominated by the bear. As mentioned yesterday, selling has accelerated after it broke the 1800(4) support. There will be buying support around 1785-87(5) in S-T. Before a rebound sign appears, the direct is still pointing downward.

S-T Resistances:

1806

1800-1797

1790-92

Market price: 1788

S-T Supports:

1785

1780

1775

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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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