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Gold Trend 20/05

Gold jumped more than USD 25 yesterday. The day began at 1816; buying orders came into the market after the price touched the day-low at the US session. The first round of buying was triggered by the price breaking out from the trendline(1) during the European session, and the second round of buying appeared during the US session once the market cleared all the selling at the 1830(2) resistance. The price reached a day-high at 1849, with the day ending near 1841.

The trend in the 1-hour chart is now shifting from its previous 1800-30 range-bound to an uptrend for now. An uptrend channel (3) has been formed in the past 48 hours. If the price can clear the 1850(4) resistance, the next upside target will be set at around 1860-65.

Gold has finally escaped the downtrend channel (5) on the daily chart . Same as the 1-hour chart, the current S-T resistance is now at 1850. If the price can jump beyond 1850, the 20 days(6) & 100 days(7) MA will be the next upside target.

S-T Resistances:

Market price: 1848

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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