Gold Trend 05/05

Gold rebounded from 1850 yesterday. The day began at 1868. Waiting for the result from US Fed. Meeting, the price has been trading in a tight range between 1862-72 throughout the day. Buying orders have started to enter the market after the US Fed. Announcement breaking the 1880(1) resistance, and went to the 1889 day-high. The day ended at 1881, up by USD 12.

Carried the buying momentum from the day’s end yesterday, the price has broken out from the resistance trendline(2) early in the Asian session today. The downtrend originated from 1998 is now come to an end. Entering into the range-bound of 1880-1920(3) now, expect the price to touch the top of the range near 1920 in S-T.

After the rebound yesterday, gold has found its bottom on the daily chart. 1920(5) should be the 1st target for the upside. If the price goes beyond 1920 in the next few trading days, the downward trendline(6) should be the next target.

S-T Resistances:

1920

1915

1908-10

Market price: 1903

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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