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Gold Trend 23/08

Gold sunk further yesterday. The market opened at 1746. The price first touched the day-high at 1749 in the early Asian session, and the selling began. It went to day-low 1727 at the US session opening, with the day ending at 1735.

The price failed to defend the 1750 and 1740 support on the 1-hour chart, the downtrend channel(1) is still dominating the S-T trend for now. A decent rebound will only begin if the price escapes the downtrend channel(2). The price is now supporting at 1730; before the next break, expect the price to trade within 1730-50(3).

Gold touched the 38.2% retracement yesterday near 1728(5). After it cleared the support of 1750-55, the price touched the next downside support zone, 1730-40(4). If the price closes above 1735, the price should be able to reach 1750-55 in the next 24-48 hours.

S-T Resistances:

Market price: 1736

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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