Gold Trend 27/07

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. 


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Gold trend 15/01

Gold tested the support at 2020 twice last week and officially bottomed out after the release of US inflation data. It then rebounded and reached a high of 2062 before closing the week at 2048. However, it failed to hold above the 2050 level. 1-hour chart – Gold broke through the downward resistance line(1), originating from the 2088 peak during the US trading session last Fri, marking the end of the S-T downward cycle on the hourly chart. The price again surpassed the 2050 resistance late last week, showing a sign of the selling resistance gradually weakening at that level. The trading range is expected to broaden, expanding from the previous range of 2020-50 to 2015-2065(2). Daily chart – After gold broke away from the upward support(3), it touched the 50-day MA last week (6), forming a sideways structure in the range of 2015-2065(4). Flow with the 2015-65(4) range for now, with S-T support at 2048 (20-day MA) and a stop-loss above the resistance zone of 2070-2079. S-T ressitance 3 2065 S-T ressitance 2 2060 S-T ressitance 1 2056 Market price 2055 S-T support 1 2048-50 S-T support 2 2043 S-T support 3 2040 P. To 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.