Gold Trend 07/07

Gold touched a new 9-month low yesterday. After the market opened at 1765, the price was bounded by 1765-72 throughout the Asian and European sessions. The selling momentum has resumed as the market approaches the US session. Once the price cleared the support at 1750(1), it went to a day-low near 1731. The day ended at 1738, down by USD 26.


Gold seems to have found an S-T support near 1730. The fall originated from 1800 should slow down as long as the price can stand above the S-T resistance line(2). The operation range has shifted from yesterday’s 1750-83 to 1730-65(3), where S-T resistance sits at 1750 for now.


The price has reached our target of 1730 within 48 hours after it broke the critical 1800 support on the daily chart, and the 1:1 pattern (5) is completed. The downtrend channel(4) remains valid; wait for the next pattern to form for now.



S-T Resistances:

1765
1760

1750

Market price: 1746

S-T Supports:

1738-40

1730-31

1720


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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