Gold regained some ground yesterday. The market started at 1775. The price has broken the resistance of 1780 in the Asian session and jumped all the way to day-high 1794 in one boost. The price stayed within 1780-90 throughout the rest of the day. The day ended at 1781, up USD 7.

As mentioned previously, the selling pressure wasn’t too strong after the Fed. chair’s testimony, that’s why the selling momentum has not been able to follow through yesterday. 1770-1803 remains the trading range for today, and the newly formed downtrend channel(2) will lead the market in S-T.

The overall trend in the daily chart is still downward. The current gradual decline has led the price range to lower from yesterday’s 1780-1880 to now 1770-1795(4). If the price bread the support 1770, the drop may accelerate, and the following support will be at 1760.

S-T Resistances:

1792-94

1788

1780

Market price: 1778

S-T Supports:

1775

1768-70

1760

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.