Gold was steady yesterday. The market opened at 1839. The price reached the day-high 1846 early in the Asian session, and it was bounded between 1835-40 throughout the rest of the trading day.

While the price is now back trading in between the 1830-70(1) range, the price is under selling pressure by the downward trendline(2). Awaiting for the market to turn active again after the US holiday, the price will be able to touch the top of the range near 1860-65 again if the price breaks out from the trendline(2).

The double-bottom pattern (4) is still under development on the daily chart. We can continue to take advantage of the horizontal range(3) until the price escape. The 250 days MA is still the critical support for the moment.

S-T Resistances:

1865

1860

1850

Market price: 1841

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.