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Gold Trend 19/10

The market opened at 1767 early in the Asian session and the price gradually sinks toward day low 1757. The price climbed back to the day-high 1770 at the US session. The day ended near 1764, down by USD 2.

The price has broken out from yesterday's resistance 1770 early in the Asian session today, the upside can target 1780 for now. Overall the price is still maintaining its path with the uptrend channel(2), with the bottom support line shifted from (2.1) to the newly formed (2). Expect the price range-bound between 1760-80(1) within the day.

Gold is keeping its pace with the uptrend channel(3) on the daily chart, and the price is once again approaching the key 1780 resistance(4).

S-T Resistances:
1796
1788
1780

Market price: 1776

S-T Supports:
1775
1768-70
1760


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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