Gold Trend 12/11

Gold stayed near the 5-months high yesterday. The market opened near 1848.
The price had maintained its path upward since it touched the day-low early in the Asian session. Day-high 1865 was reached during the US session and the day ended near 1861, up by USD 13.

Carried the buying momentum from the day before, the price has once again returned to 1860 above. The price is still running in the S-T uptrend channel(1). It will trigger a round of selling if the price escapes the channel to the downside, the target can be set near 1833 just in case.

On the daily chart, the S-T price pattern is currently bounded by the retraced range of 1848-68(3) from the day before. Although the M-T/L-T trend is upward, resistance near 1868 remains strong. The price will need to consolidate lower in order for it to springboard higher.

S-T Resistances:

1868

1860-62

1855

Market price: 1853

S-T Supports:

1850

1845

1840

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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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