Gold stayed in a tight range yesterday. The day began at 1778; throughout the trading day, the price traded between 1770-75 after it touched the day-high early in the Asian session. The market was quiet, with the day ending at 1775.
The bearish move slowed down yesterday, and the price now supports at 1770-73. Await for the Fed. Minutes, expect the price to remain in the 1770-85 tight range today.
Gold is now settling below the 1780-87 resistance zone. The trend stays bearish for now, with the downside target remaining at 1758(4) & the 20-day MA(5).
S-T Resistances:
1790-94
1785
1780
Market price: 1775
S-T Supports:
1775
1770
1765
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.