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Gold Trend 16/08

Gold pulled back from 1800 yesterday. The price has kept on moving down since the market opened at 1801 back from the weekend. After almost 12 hours of sliding, it touched the day-low near 1772 at the US session opening. The day ended at 1778, down by USD 23.

Gold escaped the uptrend channel on the 1-hour chart last week, and it has finally entered the period of consolidation after it cleared the support at 1785. Expect the price to be bearish, where 1773-1800 remains the trading range in the next few days. 1775 is the S-T resistance for now, and it will move lower toward 1755 if it clears the 1770 support.

Gold has been rejected by 1800 in the past few trading days, and the price is now moving downward. Expect the price to consolidate toward 1758(4) or the 20-day MA. The 1680-1800(3) structure can be used as the trading range for M-T.

S-T Resistances:
1800
1790-94
1785

Market price: 1781

S-T Supports:
1780
1770-73
1765


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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