Gold Trend 11/01

Gold rose a bit further yesterday. The week began at 1794 with the price trading between 1790-1800 thought-out the majority of the day. The price broke the resistance 1800 near the day’s end and the day ended near 1801, up by USD 5.

The movement yesterday was in line with our expectations. For the moment, the trading range 1785-1808(1) is still valid with the price maintaining its path within the triangular pattern(2) in M-T. An S-T support line(3) has been formed in the past 24 hours, expect the price to test again 1808. If the price breaks the 1808 resistance, the price will be able to touch the next resistance line(2.1).

A rebound has been triggered yesterday by the bottoming signal(4) from last Friday. As the price is standing above 1800, the price should be able to touch again the top of the 1770-1815(5)range.

S-T Resistances:

1820-22

1815

1808-10

Market price: 1805

S-T Supports:

1800

1795

1790

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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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