Gold traded in a tight range yesterday. The overall daily movement was pretty much like the day before – pulling back before the day’s end.; the price climbed to the day-high 1660 in the early session and retraced back to the opening price of 1650 before the day’s end.

The S-T trend is still controlled by the S-T downtrend resistance (1.1) that was mentioned yesterday. Overall, the market is bearish. However, the short-selling before 1650 is still relatively weak. Due to the lack of momentum, expect the price to remain within 1640-65(2) until it escapes.

The pullbacks before the day’s end on the second consecutive day have created another bearish signal on the daily chart. Wait for the signal; a new round of selling should only begin if the price close below 1650 on the daily chart; before that, the price should continue to wander around 1650.

S-T Resistances:
1665
1660
1655

Market price: 1651

S-T Supports:
1650
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. 

Gold had pullback before the day’s end yesterday. The market opened at 1642 back from the weekend. The price has kept moving higher in the Asian and European sessions. It hit the day-high 1668 at the US session opening, then the price retraced. The day ended at 1650, up by USD8 after all. The downtrend […]

Gold had pullback before the day’s end yesterday. The market opened at 1642 back from the weekend. The price has kept moving higher in the Asian and European sessions. It hit the day-high 1668 at the US session opening, then the price retraced. The day ended at 1650, up by USD8 after all.

The downtrend on the 1-hour chart slowed down yesterday after the price jumped above the trendline(1), shifting the S-T downtrend from (1) to (1.1). Before the next break, expect the price to settle in between 1640-65(2) for now.

Overall the trend is still bearish, and a new bearish signal(3) has appeared after the pullback from 1668 yesterday. The resistance at 1665(4) & the 20 days MA(5) are blocking all the climb for now. Once the price clears the support at 1640, gold should be able to consolidate further.

S-T Resistances:
1670
1665
1660

Market price: 1659

S-T Supports:
1655
1650
1645

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 touched a new 1-week low yesterday. The day began at 1667, and the price was traded between 1660-71 throughout the Asian & European sessions. A rapid jump to the day-high 1684 occurred at the US session, but the price got pull-back led to the day ending at 1665, down by USD 2. The S-T […]

Gold touched a new 1-week low yesterday. The day began at 1667, and the price was traded between 1660-71 throughout the Asian & European sessions. A rapid jump to the day-high 1684 occurred at the US session, but the price got pull-back led to the day ending at 1665, down by USD 2.

The S-T selling trend originated from 1710 has ended yesterday after the price climbed above the downward trendline(1). Waiting for the US Fed. Minutes later today, the price is settling in a tight range between 1660-80(2).

Gold’s pull-back from 1684 yesterday has created a selling signal(4) on the daily chart. The trend on the daily chart remains bearish, and the resistance at the 20-day MA(5) remains in effect.

S-T Resistances:
1680
1676
1670

Market price: 1667

S-T Supports:
1665
1660
1655

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. 

Carried the selling momentum from last Fri., gold sank further yesterday. The market opened at 1694 back from the weekend. After the price briefly touched 1700 during the opening hours, the bearish run began. It cleared the 1680 support in the US opening session and landed at the day-low near 1665. The day ended at […]

Carried the selling momentum from last Fri., gold sank further yesterday. The market opened at 1694 back from the weekend. After the price briefly touched 1700 during the opening hours, the bearish run began. It cleared the 1680 support in the US opening session and landed at the day-low near 1665. The day ended at 1668, down by USD 25.

Selling resumed after the US employment figures last Fri. After it cleared the 1700 support, an S-T resistance line(2) formed in the past 24 hours; the downward trend should continue before the price breakout from this trendline(2). The next critical support is near 1650(4) for now.

A bottoming signal has yet to appear in the daily chart, where the 20-day MA become the upside resistance again. Gold should touch a new weekly low today. Within the next 24 hours, let’s see if the price can resuming its position within its previous 1653-88(5) trading zone.

S-T Resistances:
1676
1670
1665

Market price: 1663

S-T Supports:
1660
1655
1650

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.