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Gold Trend 24/01

Gold retraced slightly last Friday. The day has started weak at 1839 and the price touched the early low at 1828 near the opening of the European session. The price had a quick rebound to 1843 at the US session, and the day ended near 1828, down by USD 5.

So far, gold has been behaving quite well within 1830-50 on the 1-hour chart as we have expected. After 2 days of consolidation before the weekend, a downward resistance trendline(1) has been formed. The price will once again touch the top of the 1830-50(2) range in S-T if it crosses the resistance line(1). Expect the price to stay within 1830-50(2) within the day.

As mentioned before the weekend, the S-T reversal signal(5) has dominated the S-T trend. However, gold is still maintaining its path within the uptrend channel(3) on the daily chart. And the major support is now at 1830(4) on the daily chart, in case it breaks later on this week, the price will visit again the bottom of the channel(3).

S-T Resistances:
1855
1850
1843-41

Market price: 1836

S-T Supports:
1835
1830-28
1825


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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