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Gold Trend 05/01

Gold rebounded from 1800 yesterday. The market opened near 1802, and the price has been trading between 1800-06 throughout the Asian and European sessions. The rebound has officially begun after the price touched day low at 1798 before the US session. The price reached the day-high at 1816, with the day ending at 1814, up by USD 12.

The price movement is in line with our expectations yesterday as it has been trading within 1800-15(1) in the last 24 hours. So far the price remains on the path within the uptrend channel(2), with 1815 being the S-T resistance. If the price is able to past 1815, expect the price to touch again the top of the uptrend channel.

Although the price rebounded over USD 12 yesterday, the trend on the daily chart is still dominated by the reversal signal(5) from the day before. Unless the market can neutralize all the selling pressure above 1825, the daily chart is trending downward. 1770-1815(4) continues to be the trading zone in S-T.

S-T Resistances:
1830-32
1825
1820

Market price: 1815

S-T Supports:
1812-10
1807
1800


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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