Gold traded in a relatively tight range yesterday. The price was under pressure from the 1930 resistance and the downward trendline (1) early in the Asian and European sessions. Breaking out from trendline(1) at the US session, the trading range has finally moved from 1920-30 to 1930-40. The day ended at 1935, up by USD 14.

Early in the Asian session today, the trading pattern is quite similar to yesterday, bounded within USD 10 (1930-40). Until the market turns active again, expect the price to be range-bound within 1920-40(3) today. Notice an S-T upward trendline has been formed in the past 24 hours, and 1905-50(4) remains the structure of this week.

As the rebound from 1894 ended, the price entered a sideway pattern between 1917-42(4). The selling pressure at the 20 days MA(5) and 1950 remains strong.

S-T Resistances:

1960

1950

1940-41

Market price: 1934

S-T Supports:

1930

1925

1920

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.