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Gold Trend 24/03

Gold gained USD 23 yesterday. The price steadily increased throughout the day after the market opened near day-low around 1921. It reached the day-high 1948 late in the US session, and the day ended at 1944.

The pattern has changed much in the 1-hour chart as the price is still trading within the 1905-50 range. The S-T upward trend has ended in the early Asian session today after the price crossed the support trendline(1) in the early Asian session today. Expect the price to visit again the bottom of the range again for now. But for sure, need to pay attention to the critical resistance at 1950. It will be the first sign of gold getting ready to move across 1950 if the price stays at 1940 in the next 24 hours.

The structure in the daiy chart hasn't changed much; continue to take advantage of the current sideway market, 1917-44.

S-T Resistances:
1964
1960
1950

Market price: 1942

S-T Supports:
1940
1935
1930


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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