Gold Trend 23/06

Gold continued to hover near 1835 yesterday. The price cleared the support of 1830 early in the Asian session and touched the day-low near 1822 during the European session. While the market approached the US session, the market turned active; a new round of buying entered the market once the price cleared the downward resistance line(2). The price touched the day-high near 1848 but retraced toward 1837 for the day’s end.

Althought gold has broken out from both the S-T downside support at 1830(1) and the resistance trendline(2) with increased daily fluctuation, the market has yet to find a clear direction. After yesterday’s movement, +/- 10 of 1835(4) should be the range until the price breaks clear again.

The price has failed to pull away from the 250 days MA(5) yesterday. The closing price on the daily chart outside the 1830-40 range should be the key to notice for the next few trading days. It will be the first sign of gold exposing its next movement.

S-T Resistances:




Market price: 1832

S-T Supports:




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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