Gold Trend 11/04

Gold gained about USD 15 last Friday. After the market opened at 19031, the price was bounded between 1926-34 early in the day. The climb began as the price broke the S-T resistance line (1) at the US session. The price reached the day-high 1948, before the week ended at 1945.

The technical pattern hasn’t changed much on the 1-hour chart; 1915-59 (3) remains the main range for trading. Since Thursday, an uptrend channel(2) has been formed; the current upward trend will continue until this channel breaks.

Daily chart – The first time in two weeks that the daily closing price is above 1940, a sign of the trend getting strong, but overall, the range 1895-1965 is still valid.

S-T Resistances:

1970-74

1960-64

1950

Market price: 1942

S-T Supports:

1930

1920

1915

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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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