Gold Trend 27/05

Gold was bounded by a tight range yesterday. The market opened at 1853. The price has rallied toward the day-low at 1839 prior to the US session, similar to intraday movement from the day before, and the price rebounded to 1850 to end the day.

Gold has gradually escaped the uptrend channel(1) on the 1-hour chart. Entered a range-bound of 1840-70(2), a mini-double bottom pattern(3) has formed in the past 48 hours. If the price clears the neckline at 1855, the S-T target will be at 1866.

Gold has successfully defended the 1850(4) support for two consecutive days. Unless the price can close below 1850 and break the 250 days MA further down, the trend stays upward with the target remaining at the 100 days MA(5).

S-T Resistances:

1870-72

1865

1860

Market price: 1853

S-T Supports:

1850

1845

1837-35

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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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