Gold traded flat yesterday. The day began at 1719; the price first tested the day-high at 1728 in the Asian session, and it began to consolidate. The daily range was tight within USD 15, with the price just traded between 1715-20 before the day’s end.

As mentioned yesterday, we can continue to take advantage of the 1705-35(2) range before the US Fed. Meeting. As the price went below the support trendline(1) on the 1-hour chart, the S-T trend is now weakening. The downside target will remain near 1705-08 once the price clears the current S-T support at 1715.

Gold is sinking lower with the range(4) on the daily chart. The current candle patterns are a bearish sign similar to those(3) before. However, stay tuned for the US Fed. Announcements, a new trend, may start later on today.

S-T Resistances:

1735

1728-30
1720

Market price: 1717

S-T Supports:

1710

1705
1700

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.