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Gold Trend 29/10

Gold maintained its trade within the range yesterday. The market had opened at 1796 early in the Asian session and the price was gradually on its way up. The volatility had increased at the US session during the time of releasing the economic figures. The price climbed to day-high 1810 and quickly fell back to day-low near 1791. The day ended near 1798, up slightly by USD2.

At this point, continue to take advantage of the 1788-1813(2) horizontal range before the breakout on the 1-hour chart. The bottom trendline of channel(1) remains the key support in the downside.

The horizontal range(3) pattern has finally spread from the 1-hour chart to the daiy chart now. The 250 days MA(4) is still the key resistance. On the daily chart, the gold price needs to breakout to the upside before next Wed., otherwise, the price will naturally escape the uptrend channel(5) and enter a new period of horizontal range or downward trend.

S-T Resistances:
1810-13
1805
1800

Market price: 1796

S-T Supports:
1793
1788
1780


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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