Gold remained in a tight range yesterday. The day began at 1840; the buying orders came into the market once the price had touched the day-low early in the Asian session. The price gradually climbed toward the day-high near 1855 before the day’s end. The market ended up closed at 1851, up by USD 11.
In the past 48 trading hours, the trading was bounded by a relatively tight range between 1840-60. Before a new structure is being developed on the 1-hour chart, can continue to take advantage of the overall 1830-70(2) pattern.
The overall structure hasn’t changed much; still, the 1835-65 range is controlling the daily chart for the moment. Be patient for now.
S-T Resistances:
1865
1860
1850
Market price: 1848
S-T Supports:
1840
1835-37
1830
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.