Gold renewed the 3-weeks high yesterday. Carried the buying momentum from the day before, a new round of buying was triggered after the price cleared the resistance at 1700 early in the Asian session. The bullish trend continued until it touched the day-high near 1729 late in the US session. The day ended at 1725, […]

Gold renewed the 3-weeks high yesterday. Carried the buying momentum from the day before, a new round of buying was triggered after the price cleared the resistance at 1700 early in the Asian session. The bullish trend continued until it touched the day-high near 1729 late in the US session. The day ended at 1725, up by USD 25.

After all the interventions and the news from the BOJ & the BOE, gold is trading above the critical support of 1680(1) again. The S-T trendline(2) can be used as a resistance reference for the current bullish trend. While the market is now shifting its focus to the US employment figures this Friday unless the price can clear the resistance at 1730, expect the price to remain in 1700-30 in the next 48 hours.

Since gold escaped the downtrend channel (4) and broke out from the 20 days MA, a bullish trend has begun on the daily chart. Unless the price can clear the 50-day MA and trigger a new round of buying, 1700-30 should be the range for today.

S-T Resistances:
1730
1725
1720

Market price: 1718

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. 

Gold rebounded from the new 2-year low. The price has been consolidating during the Asian and European sessions after the market opened at 1628 yesterday. Once the news from BOE hit the market, the surge began. At the US session opening, buying came into the market and cleared the resistance at the trendline(1). The price […]

Gold rebounded from the new 2-year low. The price has been consolidating during the Asian and European sessions after the market opened at 1628 yesterday. Once the news from BOE hit the market, the surge began. At the US session opening, buying came into the market and cleared the resistance at the trendline(1). The price jumped to the day-high at 1662, with the day ending at 1659, up by USD 31.

The S-T bearish trend has ended as the price trades again above the critical 1650 support. Before it clears the current resistnace at 1660, the price is now trapped in the tight range of 1650-60(1). If the market picks up the bullish momentum later in the European and US sessions, the upside target can again be set at the upper limit of the 1660-90 range.

The gain yesterday formed a clear reversal signal. The following key resistance is now sitting at 1665(4); once it’s clear, the upside target can be set at the upper limit of the downtrend channel(5) or the 20-day MA (6).

S-T Resistances:
1676
1665
1660

Market price: 1653

S-T Supports:
1650
1640
1630-28

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 tested a new 2-year low yesterday. Back from the weekend, gold has dropped to the early low near 1626 in the Asian session. However, the price has quickly rebounded. At the European session, it already reached the day-high at near 1649. Selling resumed in the late US session, where the day ended near the […]

Gold tested a new 2-year low yesterday. Back from the weekend, gold has dropped to the early low near 1626 in the Asian session. However, the price has quickly rebounded. At the European session, it already reached the day-high at near 1649. Selling resumed in the late US session, where the day ended near the day-low at 1622.

The overall trend in the 1-hour chart is now bearish after the price cleared the 1650(1) support last Friday. Selling momentum so far isn’t too strong; an S-T downtrend channel(2) has been formed. Before the price consolidates further, clearing the support at 1620, the downtrend channel(2) can be used as a reference while trading with the 1620-50(3) range.

While the downtrend channel(5) still affects gold’s movement, the price has been moving lower tier by tier(4) on the daily chart. The range for each tier is approximately USD40 in the past 4 weeks. Expect the price to be bounded between 1610-50(4.1) temporary before the next move for now.

S-T Resistances:
1650
1645-46
1638-40

Market price: 1633

S-T Supports:
1630
1624
1620

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 bounced but failed to break out from the range. The day began at 1664 yesterday. The price was bounded by a tight 1660-65 range early in the Asian session. It reached the early peak of 1677 at the EU session after Putin’s speech. At the US Fed. The announcement, gold has rebounded quickly from […]