Gold Trend 08/07

Gold remained in a tight range yesterday. The market opened at 1739, and the price was bouned by 1739-46 throughout the day,

The relatively rapid drop the day before has slowed down since the price escaped the S-T downward trendline(1) yesterday. 1730-65(2) can be used as the operating range before the US employment figure. The S-T resistance at 1750 is still valid; if the price breaks the 1730 support, 1710-00 should be the next target to the downside.

The downtrend channel(2) is still dominating the daily chart. Althought the price failed to find new low yesterday, the reversal bottom-out sign has yet to appear. Can continue to take advantage of the 1730-1800 range before the price clears the 1730 support.

S-T Resistances:

1765
1760

1750

Market price: 1742

S-T Supports:

1738-40

1730-31

1720

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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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