Gold Trend 30/06

Gold was choppy yesterday. The day began near 1819. The price had tested the 1820 support in the Asian session and eventually touched the day-low at 1811 at the European session. The rebound started early before the US session, with the price jumping to a day-high near 1833 about 2 hours into the US session. The day ended at 1817, slightly down by USD 2 with a USD 22 range.

The choppy market was mainly triggered by the comments from the Fed’s chairman. Gold has finally escaped the 1820-50(1) range yesterday and is now dominated by the downtrend channel(2)—the S-T resistance currently sitting at 1820. The price should test a new low today, targeting 1810-08(4), unless a new pattern forms.

As mentioned, gold should test a new low within these two days as the price failed to close above 1826 the day before yesterday. Another selling signal(4) occurred on the daily chart yesterday. The target at 1810 or below remains unchanged for now.

S-T Resistances:

1833-35

1830

1820

Market price: 1817

S-T Supports:

1810-08

1800

1795

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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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