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Gold Trend 03/05

Gold dropped to a new 2-month low yesterday. The price kept on rolling lower after the day began at 1899. At the US session opening, it broke out from last week's low, 1874, and touched the day-low at 1854. The price rebounded slightly before the day ending at 1862, down by USD 34.

Selling resumed yesterday on the 1-hour chart after the price had broken out from last week's low. We can expect the price to remain under pressure before the US Fed. Meeting. The downside target can be set at 1835-40 if the price can clear the buying support at the 1850-53 level.

The double-top pattern(2) still dominates the daily chart's price movement. The selling has resumed after the price retraced back to the double-top neckline(2.1). The 250 days MA(3) remains our target to the downside in S-T.

S-T Resistances:

Market price: 1860

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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