Gold Trend 29/04

Gold rebounded from the 2-month low. The day began at 1884 yesterday, and the price has broken the 1880 support touching the day-low at 1871 early in the Asian session. However, the short-selling wasn’t strong enough to push the price below 1970; the price quickly jumped back upon 1880. The day ended at 1894, up by USD 10.

The US Q1 GDP figure was released a lot worse than the market’s expectation, supporting the gold to rebound behind the scene. The price has broken out from the S-T resistance trendline(1), and the downtrend from 1998 has finally ended. Entering a period of S-T range-bound, expect the price to trade between 1894-and 1915 before the weekend.

The double-top pattern is still good, and the technically retract after breaking the neckline(4.1) is now pushing the price toward 1920. Unless the price can stay above 1920 on the daily chart, the selling should resume after the price touches the neckline(4.1).

S-T Resistances:

1920

1915

1908-10

Market price: 1905

S-T Supports:

1900

1894

1890-88

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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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