Gold edged higher yesterday. Since the market has opened at 1792 early in the Asian session, the price kept on climbing throughout the trading day, until it has peaked at 1810 at the US session. The day ended near 1807, up by USD 14.

Gold once again was rejected by the 2-month’s high near 1810. Buying momentum so far hasn’t been able to sustain above 1808. The S-T trend hasn’t changed much, staying with the same strategy as yesterday with the S-T range maintains within 1788-1813.

Gold is maintaining its path within the uptrend channel(4) and so far the movement has been blocked by the 250 days MA(3). The selling from last Friday has not been able to dominate the market while the price is staying above 1800 now. According to the current market development, as long as the daily closing price stands on top of 1800, the price should be able to climb along the uptrend channel(4) toward the top of the M-T horizontal range 1720-1835(5).

S-T Resistances:

1813

1810

1805

Market price: 1803

S-T Supports:

1800

1794-96

1788

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.