Gold gained USD 17 yesterday. The day began at 1716, and the price mainly traded between 1715-23 throughout the day. Once the US released its interest decision, the price went up until it reached the day-high at 1740, with the day ending near 1734.
The price has failed to stay above 1735 until the Asian session today. An uptrend channel(3) has formed on the 1-hour chart. If the price clears the current resistance at 1740, it will be able to reach 1750 or higher.
The reversal signal at 1680 on the daily chart is still valid, while gold is trading under a rebounding trend. The price has cleared the 1-week resistance at 1730; once the price can break out from 1740, the upside target will be at the upper limit of the range(6) around 1770.
S-T Resistances:
1755
1750
1740
Market price: 1737
S-T Supports:
1735
1730
1720
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.