Gold Trend 21/04

Gold successfully defended the 1940 support yesterday. The day began at 1949. Carried the selling momentum from the US session the day before, the price touched the day-low early in the Asian session yesterday. The price was gradually moving higher during the European session. The day ended near day-high at 1957, up by USD 8.

Gold found its support at the 1941 level yesterday. The selling originated from 1980 the day before is temporarily slowing down, entering 1940-40(2) range-bound. The S-T downtrend is not 100% complete; the support at 1941-43 still holds the key; however, the buying below 1950 seems to be strong at the US session yesterday(1). If the buying momentum can go on today leading the day ending above 1950, the price should be above to touch again 1980 in the next 48 hours.

The 1950 support on the daily becomes significate after the really yesterday. It will be a sign to start an S-T surge toward 1974 if the price can close above 1957(4) on the daily chart.

S-T Resistances:




Market price: 1952

S-T Supports:




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. 

You May Also Like