Gold Trend 19/05

A tight range-bound for gold yesterday. The day began at 1814, and the price was basically traded between 1810-20 throughout the day. The day ended at 1816, up slightly by USD 1.

The price maintains its horizontal path within 1800-30(3) in the 1-hour chart and can continue to take advantage of the range until it breaks. A new downward resistance line(1) has formed in the past 48 hours; once the price breaks out from this line(1), the previous selling momentum will slow down further.

Gold is still bearish until it escapes the downtrend channel(5). 1810(4) is still the critical support; a new round of selling will be triggered if the price closes below 1810 on the daily chart.

S-T Resistances:

1830

1825

1820

Market price: 1814

S-T Supports:

1810

1805

1800

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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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