Gold slipped to a 1-year low yesterday. The day began at 1711; throughout the day, the price was bounded by the 1706-14 range. The price went below 1700(2) before the day’s end, touching the day-low near 1692. The day ended at 1696, down by USD 14.

A new round of selling started after gold finally left the 1700-20(1) range. Expect the price to trade between 1680-1700 in the next 24-48 hours, where the critical support remains at 1680.

As mentioned before, the buying above 1710(4) has been weak, and the downtrend has yet to reverse. The next downside target remains at 1680.

S-T Resistances:

1715
1708-10

1700

Market price: 1693

S-T Supports:

1690

1685

1680

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.