Gold gained slightly last Friday. The price had carried the selling momentum from the day before, the price slipped to 1770 at the European session. Once the US released its inflation figures, the price had rebounded quickly. It touched day-high at 1789, with the day ended at near 1782.

The pattern hasn’t changed much on the 1-hour chart. So far, can’t see any sign of it escaping from its current 1770-92(1) range, the trading strategy remains range-bound for now.

Since the reversal signal ended the downtrend in early Dec., the price has been trading in the 1770-1795 range(2) in the daily chart. The 100 days MA(3) remains the next resistance on the upside.

S-T Resistances:

1800

1792-94

1788

Market price: 1784

S-T Supports:

1778-80

1774

1768-70

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.