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Gold Trend 17/01

Gold pulled back from a new weekly high last Friday. The market opened at 1821 and the price reached the day-high before the European session early in the trading day. Once the US released the retail sales figures, the price has begun to turn weak. It touched again 1815 and the market ended at 1817, down by USD 4.

The price tested a new high again last Friday but was once again rejected by the resistance zone 1825-28(2). As the price broke the support trendline(1), the buying momentum is slowing down. Expect the price to bounce between 1815-28(3) for now.

Gold successfully defended the 1815 support, maintaining its position between 1815-31(5) trading zone in the daiy chart. As long as the price stands above 1815, we can still expect the price to springboard higher. Be patient...

S-T Resistances:

Market price: 1819

S-T Supports:

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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