Gold Trend 17/06

Gold gained further yesterday. The price was under pressure by the 250 days MA(1833) early in the Asian & European sessions after the day began at near 1832. The price consolidated toward 1814 before the US session, and the buying started to kick in once the US session became active. The price cleared the previous 1840(1) and surged to the day-high 1857 before the day’s end, gaining USD 24.


The S-T trend has shifted upward after gold escaped the range of 1808-40(1). The upside target of 1860 we set yesterday is completed, and the price is now back to last week’s range of 1830-70. While the momentum is heading up, expect the price to touch the top of the range around 1865-70 again, with the price support at 1840 in S-T.


A double-bottom pattern(4) is developing after the price jumped back upon the 250 days MA(3) on the daily chart. Expect the price to approach the downward trendline(5) in the next few trading days. If the price can clear the selling resistance at the trendline(5) and 1870(the neckline of the double-bottom pattern), it should be able to touch 1920-40 to the upside.



S-T Resistances:

1865

1860

1850

Market price: 1843

S-T Supports:

1840

1835-37

1830


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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