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Gold Trend 22/11

Gold slipped on Friday. The market opened near 1859, and the price had retraced to the early low at 1851 during the European session. Before the price slip further, it had rebounded to 1865 at the US session. The day ended around 1846, down by USD 12.

The price has traded within the triangle pattern(1) early last Friday. Selling has been triggered by the price breaking out from the support(2). The price has touched 1838 early in the Asian session today, but it quickly rebounded. The wedge pattern(3) is still valid in the 1-hour chart. If the price once again travels below 1843, this time expects the price to touch 1833 or lower.

It is the first time in 2 weeks the daily closing price is below 1850 in the daily chart, a sign of it escaping the range(5). If the price fails to close above 1850 today, the long-awaited consolidation will soon begin.

S-T Resistances:
1860
1855
1850

Market price: 1848

S-T Supports:
1840-43
1835
1830


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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