Awaited Fed. rate decision, gold prices remained stable yesterday. The day began at 1675, where the price overall was trending downward throughout the early Asian and European sessions. It cleared the S-T trendline(1) at the US session and traveled all the way to 1660, the daily low from the day before. The day ended at […]

Awaited Fed. rate decision, gold prices remained stable yesterday. The day began at 1675, where the price overall was trending downward throughout the early Asian and European sessions. It cleared the S-T trendline(1) at the US session and traveled all the way to 1660, the daily low from the day before. The day ended at 1664, down by USD 19.

1660-80(2) can be used as an operating range before the US Fed. An announcement later on today.

Since gold cleared the 1680 support, the downward resistance line(5) is dominating the daily chart trend. The S-T support 1665(4) is still in effect. The Fed. announcement will take over the next major movement.

S-T Resistances:
1687-90
1680
1670

Market price: 1666

S-T Supports:
1665
1660
1650-52

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. 

Gold was steady yesterday near the 2-years low yesterday. The market opens at 1657 back from the weekend. The price was rejected by the key resistance 1680 early in the Asian session, and the price kept moving lower toward the day-low near 1659 until the US session turned active. The day ended up closing at […]

Gold was steady yesterday near the 2-years low yesterday. The market opens at 1657 back from the weekend. The price was rejected by the key resistance 1680 early in the Asian session, and the price kept moving lower toward the day-low near 1659 until the US session turned active. The day ended up closing at 1675, unchanged from the trading day before.

The downtrend originated from 1730 last Tuesday has completed after gold cleared the resistance from trendline(1) last Friday, and it is now officially bounded by the range 1650-90(3). A triangle pattern(2) has been formed in the past 48 hours while the market is now waiting for the announcement from US Fed. Meeting.

The gold price failed to move below 1650 after it cleared the critical support of 1680. A structural bottom is forming on the daily chart as the buying support below 1665(4) has been strong in the past 48 hours. The US Fed. The meeting will be the turning point; if the price fails to go below 1650 after the US Fed. announcement, the structural bottom will form. After the price clears the 1680 resistance, the upside target can be around 1730.

S-T Resistances:
1697-1700
1687-90
1680

Market price: 1673

S-T Supports:
1670
1660
1650-52

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. 

Gold cleared the 1680 major support yesterday. The market opened near 1697, and the price had already sunk below 1690(1) early in the Asian session. Before the US session got active, it bounced between 1685-90. Once it cleared the critical support supprot later in the US session, the price went to a new 2-year low […]

Gold cleared the 1680 major support yesterday. The market opened near 1697, and the price had already sunk below 1690(1) early in the Asian session. Before the US session got active, it bounced between 1685-90. Once it cleared the critical support supprot later in the US session, the price went to a new 2-year low near 1660. The day ended at 1664, down by USD 32.

Gold finally escaped the 1690-1730(3) range yesterday, with an initial expectation of a 1:1 movement; the following trading range should be between 1650-90(3). The S-T trend will remain downward unless the price can jump above the S-T resistance line(2) that we mentioned yesterday. The S-T downside target can be set at 1650 for now.

The overall structure shifted from previously sideway to downward for now, as it is the first time in 2 years that the gold price closed below 1695. Expect the price to stay bearish until the US Fed. Meeting next week.

Unless the price can climb above 1700 in the next 2-3 weeks, a double-top pattern(4) in the weekly chart will be formed. The price is currently running in Wave 5(5), expecting the bottom to occur around the US Fed. Meeting.

S-T Resistances:
1680
1670
1665

Market price: 1660

S-T Supports:
1650-52
1645
1640

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.