Gold Trend 31/03

Gold rose to 1940, the top of the range yesterday. The price has been bouncing between 1920-25 early in the Asian session after the day began near 1920. The market was relatively stable until it visited the day-low at 1916 and started to rebound. The price jumped to the day-high 1938 at the US session, with the day ending at 1932, up by USD 13.

Since the price has resumed its position above 1920 the day before yesterday, it is now settling down within the 1920-40(1) zone once again. The pattern in the 1-hour chart hasn’t changed much in the 1-hour chart; 1920-40 should be the operating range before the US employment figures on Friday.

The extended bottom wick tail(2) on the daily chart is still leading the S-T trend; the buying momentum from that day has yet to be neutralized on the daily chart. Until a reversal signal appears, the S-T trend remains bullish.

S-T Resistances:

1950

1940-41

1930

Market price: 1929

S-T Supports:

1920

1915

1910-08

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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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