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Gold Trend 14/01

Gold rebounded after a brief sell-off yesterday. The market opened near day-high in 1825. The price has started to turn south as it entered the European session, touching the day-low around 1811 at the US session. At the day's end, the gold price rallied back to 1822, closed down by USD 3.

Overall the market is in line with our expectations, with the price consolidated toward 1815 after escaping the uptrend trendline(1) yesterday. Notice the rebound before the market closing yesterday was relatively strong, over USD 10. This rebound should be able to digest the first round of sell after it touched 1825 the day before. The price should be able to test a new weekly high today, aiming at 1833-35 for the 1st target.

Gold successfully defended the 1815 support yesterday. And the first bullish signal(4) has appeared on the daily chart after the rally. If the price can break out from 1835, 1870 will be in reach very soon. Be patient for now...

S-T Resistances:
1835
1830-32
1825

Market price: 1825

S-T Supports:
1820
1815
1810


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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