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Gold Trend 24/05

Gold pulled back from the 1-week high yesterday. Shortly after the market opened at 1848, the price crossed the 1850 resistance early in the Asian session. The day peaked at 1865 before the US session, and the day ended at 1853, up by USD 7.

The price pulled back from the upper limit of the uptrend channel(2) yesterday, and it is currently supporting at 1850(1). Gold maintains its path within the uptrend channel(2); once it clears the resistance near 1865, the upside target can be set at 1890.

Gold needs to close above the 20 days MA(4) in order to trigger a new round of buying on the daily chart. If the price consolidates further today, the downside support will be at the 5 days MA(5).

S-T Resistances:

Market price: 1855

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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