Gold Trend 12/05

Gold rose above 1850 after the Inflation data. The day began at 1838 yesterday. After the price touched the day-low at 1838 early in the Asian session, it steadily moved up before the US session. The price has quickly retraced to 1836 after the US inflation data, but the price rebounded quickly and reached the day-high at 1857. The day ended at 1852, up by USD 14.

Gold has finally escaped the selling pressure from the resistance trendline(1) on the 1-hour chart, and the downtrend originating from 1909 is officially ended. Althought the price is now trading above 1850, the buying so far is not strong enough to shift the S-T trend upward. Before the price can cross the 1865 barrier, expect the price to trade sideway between 1840-65(2) for now. Once it breaks the 1865 resistance, the upper limit of the downtrend channel(3) remains the next upside target.

Althought the price touched a new two-month low yesterday, the support at the 250 days, Ma remains strong. An S-T bottom between 1835-1860 has formed on the daily chart, and the rebound toward the downward trend(5) will be triggered if the price closes above 1860.

S-T Resistances:

1870-74

1865

1860

Market price: 1851

S-T Supports:

1845

1840

1835

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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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