Gold traded in a range-bound yesterday. The price touched the low at 1754 early in the Asian session, and the climb continued until the price reached the day-high at 1772 at the US session opening. The day fluctuated in a USD 18 range , with the price slightly up by USD5.
The overall structure in the 1-hour chart hasn’t changed much as the uptrend channel is still dominating the S-T trend. The price behaved quite well within the 1750-72 range yesterday. The market is now shifting its focus toward the US employment figures , expecting the price to remain range-bound between 1755-80.
The reversal signal mentioned yesterday remains in effect. Unless the price closes above 1773 in the next few trading days, the price should turn south soon.
S-T Resistances:
1785-87
1780
1770-73
Market price: 1770
S-T Supports:
1765
1760
1755
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.