Carried the buying momentum from the day before, gold continued to climb yesterday. After the market opened at 1733, the price had already jumped beyond 1735 early in the Asian session. It broke out from 1740 in the European session and kept climbing higher in the US session. The day ended near the day-high at 1756.
Gold has surged along the uptrend channel(2) on the 1-hour chart. Sign of the current climb slowing down has yet to appear; the next upside target can be set at around 1765.
The buying was strong yesterday on the daily chart where the day ended near the day-high. The trend is still bullish, and the upside target remains at 1780.
S-T Resistances:
1765
1760
1757
Market price: 1755
S-T Supports:
1750
1740
1735
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.