Gold surged further yesterday. The price was basically bounded by the 1850-57 range early in the Asian and European. It crossed the key resistance 1868(1) late in the US session. It reached a new high near1873 with the day ending at 1873, up by USD 12.

Gold has kept its momentum upward since it broke the 1843 resistance last Friday. The gold market should stay bullish. The range should maintain within 1868-80(3) in early sessions, if it breaks 1880, the upside target can be set at 1900.

Gold has cleared the resistance at 1896(6) yesterday on the daily chart, and the price is now tingling in the resistance zone(4) from the previous peak. As long as the price is able to stay above 1868 today, the triangle pattern mentioned yesterday will be breached. The upside target will be at 1890(5) to the upside.

S-T Resistances:

1900

1890

1880

Market price: 1878

S-T Supports:

1870-68

1865

1860

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.