Gold Trend 21/01

Gold stalled near the 2-months high. The market opened at 1840, and the price has been bounded between 1835-40 throughout the Asian & European session. The gold price brushed to a new 2-months high at the US session, however, the buying momentum hasn’t been able to follow through. The day ended at 1839, practically unchanged from the previous day.


Trading was in line with our expectations yesterday, where the price has touched a new high but stayed underneath 1850. The price should stay below the 1850 barrier before the weekend. Expect the price to maintain its path within 1830-50, consolidating toward the bottom of the range 1830-35 within the day.


An S-T reversal signal(2) has appeared in the daily chart after the pull-back yesterday. Together with the price touching the top of the uptrend channel(3), an S-T consolidation pattern may begin.


S-T Resistances:

1855

1850

1843


Market price: 1842

S-T Supports:

1835

1830-28

1825



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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