Gold reached a new 2-weeks high yesterday. Carried the buying momentum from the day before, the price has kept on moving higher since the day began at 1966. It reached the day-high 1981 at the US session, and the day ended at 1977, up by USD 11.

Gold seems to begin its holiday a bit earlier then expected; yesterday’s range during the US session was tight within 1975-81(1). This morning, the price broke the support from trendline(2); the recently accelerated uptrend is now slowing down. Expect the price to be bounded between 1965-81 before the holiday, but need to be aware before the market closes for the holiday, the S-T risk premium in the investment may increase, supporting the gold price.

The uptrend in the daily chart has continued as gold successfully escaped the horizontal range of 1895-1965 yesterday. The buying above 1975 isn’t strong, and the price may need to consolidate, toward 1958-65(4), before it can break higher.

S-T Resistances:

1990

1978-80

1974

Market price: 1972

S-T Supports:

1960

1960

1951-50

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.