Gold Trend 07/02

Gold was steady after the US employment figure last Fri. The market opened near 1804 early in the Asian session, and it has gradually climbed toward the early day-high near 1814 before the US session. Once the US released its employment figures, the price has quickly dropped to the day-low near 1791, however, buying resumed shortly after. The day ended at 1807, up by USD 2.

The gold price has been gaining since the price touched 1779 2-weeks back on Jan. 28th. The quick rebounds that occurred last Thursday and Friday(3) have shown relatively strong buying below 1800. The price has approached the key resistance at 1815(2) early in the Asian session today but got rejected again. Until the price can clear all the selling between 1810-15, expect the price to stay between 1800-15 in the next 24 hours. If the price can break through 1815, the upside target should be around 1828(4) in S-T.

The 2 relatively long wicks on the daily chart in the last 2 trading days have created a bullish signal(5) on the daily chart. As long as the price can stay above 1808(7) for today’s closing, we can expect the price to touch again 1820 or higher in the coming 2-3 trading days.

S-T Resistances:

1826-28

1820

1815

Market price: 1810

S-T Supports:

1808-06

1800

1795

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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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