Gold traded in a tight range yesterday. The market opened near 1782 early in the Asian session, and it has been trading in between 1780-88 before the US session opening. The price touched the day-low near 1775 at the session’s opening, and the day finally ended unchanged near 1782.

The uptrend channel (1) on the 1-hour chart is still valid. Before the price breaks out from the zone between 1775-88(2), the resistance at 1788 will remain strong.

Selling pressure exists above 1780, as mentioned yesterday. Buying momentum seems to have slowed down at the moment. One day if the market closes above 1788, will be a sign of buying momentum picking up again. Pay close attention to the uptrend channel (4) as consolidation may happen at any time.

S-T Resistances:

1800

1784-96

1788

Market price: 1786

S-T Supports:

1780

1775

1770

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.