Gold Trend 22/06

Gold continued to trade in a narrow range yesterday. The market opened at 1836, and a tight 1833-40 range bounded the price throughout the Asian & European sessions. The range widened during the US session, where the price touched a new day-high 1843 and a new day-low at 1828 before the day ended around 1832.

Gold is still under pressure from the downward trendline(2) mentioned yesterday. The price is currently trading at below 1830 early in the Asian session. Unless the price can jump back upon 1830 later in the European or US session, the price will have to go toward the downside 1820 or even lower.

Althought the US holiday is over now, the range for the gold has maintained relatively tight. Under the current market condition, the trend is turning weak on the daily chart after the price settled below the 250 days MA(5) yesterday. The upcoming downside support is now near 1815-20.

S-T Resistances:

1840

1833-35

1830

Market price: 1828

S-T Supports:

1820

1810-08

1805-00

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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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