Gold Trend 19/08

Gold rallied to a new weekly low yesterday. The market opened at 1761 and traded range-bound early in the Asian and European sessions. The price touched the day-high at the US session opening, then the slide began. It touched the day-low at 1755, with the day’s ending at 1758.

The trend reversal signal has yet to appear, where the downtrend channel(1) is still dominating the S-T movement in the 1-hour chart. 1750(2) is still valid; if the price fails to clear the buying support within today, it should be able to stay within 1750-70(2) in the next 24-48 hours.

The breaking of support 1755(4) has not yet been confirmed. If the price breakout from 1755(4), the downside target will be at 1730-40(5).

S-T Resistances:

1765

1760
1755

Market price: 1752

S-T Supports:

1750

1740-43
1735

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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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