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Gold Trend 16/06

Gold rebounded from the 1-month low yesterday. The day began at 1807, and the price has kept moving higher early in the Asian & European sessions. Gold reached the early high at the US session opening near 1836. Once the US Fed. announced the result, the price jumped to the day-high at 1841, with the day ending at 1832, up by USD 24.

The market reaction wasn't too strong after the US Fed. Meeting where the price remains in the 1808-40(1) range. An S-T upward trendline(2) has formed in the past 24 hours. If the price can clear the selling resistance at yesterday's peak near 1840, it will be able to touch again 1860 in the next 24-48 hours.

The buying support below 1810 is still strong. However, the price has yet to clear the selling resistance at the 250 days MA(3). Before the price can break out from the 250 days MA(3), expect the price to be bound between 1810-34 on the daily chart.

S-T Resistances:

Market price: 1831

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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