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Gold Trend 28/04

Gold dropped further yesterday. The day began near day-high around 1905, and the price has kept on moving lower throughout the day. The price finally broke the 1894(1) support at the US session opening and fell to the day-low at 1881. The day ended at 1885, down by USD 19.

Gold is still under the selling pressure from the resistance trendline(3) on the 1-hour chart. It has yet to find its bottom since it has cleared the 1894 and 1880 support in the past 24 hours; selling will continue with the downside target setting at 1853-50.

Nothing has changed in the past two days as the breaking of the double-top neckline controls the daily chart's movement. The gold market remains bearish, and the 250 days MA(5) will be the next supporting target.

S-T Resistances:
1900
1890-94
1880

Market price: 1875

S-T Supports:
1870
1865
1853-55


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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