Gold Trend 06/04

Gold continued to trade in range-bound yesterday. The day began at 1932, and the price traded in a tight range between 1926-32 in the Asian & European session. The price jumped to the day-high 1944 at the US session but quickly dropped back to near 1920. The day ended at 1922, down by USD 9.

The structure in the 1-hour chart hasn’t changed much; we can continue to take advantage of the 1915-42(1) range until the pattern changes.

Gold has escaped the selling pressure from trendline(2) on the daily chart. The range 1915-42(3) is still valid for now.

S-T Resistances:

1950

1940-41

1930

Market price: 1923

S-T Supports:

1920-18

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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