Gold traded in a tight range yesterday. The market opened at 1706 back from the weekend. The price was gradually moving higher during the Asian session and touched the day-high at 1724. However, gold resumed its position below 1710, closing at 1709, and ended slightly up by USD 3.
In the past 48 hours, gold has been trading in a tight range between 1700-20. Can continue to take advantage of this range until it breaks.
The buying above 1710(3) is relatively weak so far after the price touched 1700 last Thursday. The buying support at 1700 remains in place; if the price break this support, expect the next downside target can be set at 1680.
S-T Resistances:
1728-30
1720
1713-15
Market price: 1710
S-T Supports:
1710
1705
1700
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.