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Gold Trend 07/03

Gold broke out from 1950 last Friday. The day began at 1936, and the price had been rejected by 1950(1) throughout the Asian & European sessions in early trading. After the release of the better than expected US employment figures at the US session, buying orders came into the market. Once gold cleared all the resistance at 1950(2), the price went all the way and closed the market near day-high at 1969, ending the day up by USD 33.

The market opened today with a gap up, touched already 2001. Expecting the price to fill the gap toward 1970, just like last Monday. The range 1970-2000(3) should be the S-T range in the next 24 hours.

The trend remains upward on the daily chart. After the break out of 1950, the upside target should be at 2066, But before the price clears all the selling orders at 2000, the price will be range-bound by 1950-2000.

S-T Resistances:
2010
1997-2000
1990

Market price: 1985

S-T Supports:
1980
1975
1970


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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