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Gold Trend 22/12

Gold had once again pulled back from an early climb yesterday. The market opened at 1790 early in the Asian session. During the European session, an upwave had been triggered by the price breaking out from the trendline (1) and the resistance line 1792. It reached the day-high 1800 at the opening of the US session, then selling had begun. The price visited day low near 1784 and the day ended at 1788.

The buying momentum has not been able to accumulate while the uptrend channel (2) failed to take shape yesterday. After all, the price is now resuming position back to the 1770-92(4) range. The price will be under pressure by the newly formed downtrend channel (3) in S-T. For the rounding bottom mentioned yesterday in the 1-hour chart, the price will need to stay above 1780 in order for it to stay in shape.

After the Dec. 15 uptrend was completed, gold has been remaining weak on the daily chart . The price is still contained by the 1770-1815 range and the 20 days MA will provide S-T support for today.

S-T Resistances:
1800-03
1797
1792

Market price: 1788

S-T Supports:
1788
1782-90
1777


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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