Technical Analysis

Gold cleared the 1680 major support yesterday. The market opened near 1697, and the price had already sunk below 1690(1) early in the Asian session. Before the US session got active, it bounced between 1685-90. Once it cleared the critical support supprot later in the US session, the price went to a new 2-year low near 1660. The day ended at 1664, down by USD 32.

Gold finally escaped the 1690-1730(3) range yesterday, with an initial expectation of a 1:1 movement; the following trading range should be between 1650-90(3). The S-T trend will remain downward unless the price can jump above the S-T resistance line(2) that we mentioned yesterday. The S-T downside target can be set at 1650 for now.

The overall structure shifted from previously sideway to downward for now, as it is the first time in 2 years that the gold price closed below 1695. Expect the price to stay bearish until the US Fed. Meeting next week.

Unless the price can climb above 1700 in the next 2-3 weeks, a double-top pattern(4) in the weekly chart will be formed. The price is currently running in Wave 5(5), expecting the bottom to occur around the US Fed. Meeting.

S-T Resistances:
1680
1670
1665

Market price: 1660

S-T Supports:
1650-52
1645
1640

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. 

場外式黃金/白銀交易的風險:
場外式黃金/白銀交易由 Max Online 提供。場外式黃金/白銀交易涉及高度風險，未必適合所有投資者。高度的槓桿可為閣下帶來負面或正面的影響。場外式黃金/白銀並非受證券及期貨事務監察委員會（「證監會」）監管，因此買賣場外式黃金/白銀將不會受到證監會所頒布的規則或規例所約束，包括（但不限於）客戶款項規則。閣下在決定買賣場外式黃金/白銀之前應審慎考慮自己的投資目標、交易經驗以及風險接受程度。可能出現的情況包括蒙受部分或全部初始投資額的損失，或在極端情況下（例如相關市場跳空）產生更多的損失。因此，閣下不應將無法承受損失的資金用於投資。投資應知悉買賣場外式黃金/白銀有關的一切風險，如有需要，請向獨立財務顧問尋求意見。

Gold cleared the 1700 support yesterday. The day began at 1791. The trading was relatively stable during the Asian and European sessions, within the tight range of 1700-07. The price cleared the 1700(1) support late in the US session, pushing the price to the day-low near 1693. The day ended at 1696, down slightly by USD 4.

The market has been quiet since the rapid drop after the US CPIs the day before. An S-T resistance line(2)has been formed in the 1-hour chart in the past 24 hours; gold needs to clear the 1690 support in the European session today. Otherwise, the price will jump back above the downward trendline(2), triggering a new round of buying. If the price breaks the resistance line(2), the S-T upside target can be set at yesterday’s high of 1707. On the other hand, 1680 remains the critical support.

The structure hasn’t changed much in the daily chart; the price remains in the 1690-1730(4) range. It will be ready to move below 1680 if the price closes below 1695.

S-T Resistances:
1705-07
1700
1697

Market price: 1692

S-T Supports:
1690
1685
1680

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. 

場外式黃金/白銀交易的風險:
場外式黃金/白銀交易由 Max Online 提供。場外式黃金/白銀交易涉及高度風險，未必適合所有投資者。高度的槓桿可為閣下帶來負面或正面的影響。場外式黃金/白銀並非受證券及期貨事務監察委員會（「證監會」）監管，因此買賣場外式黃金/白銀將不會受到證監會所頒布的規則或規例所約束，包括（但不限於）客戶款項規則。閣下在決定買賣場外式黃金/白銀之前應審慎考慮自己的投資目標、交易經驗以及風險接受程度。可能出現的情況包括蒙受部分或全部初始投資額的損失，或在極端情況下（例如相關市場跳空）產生更多的損失。因此，閣下不應將無法承受損失的資金用於投資。投資應知悉買賣場外式黃金/白銀有關的一切風險，如有需要，請向獨立財務顧問尋求意見。

Gold pulled back near the 1-week high yesterday. The day began at 1724. and the price was bounded by 1720-30 during the early Asian and European sessions. Once the US released its inflation figures, the price broke out from the uptrend channel(1) and dipped to the day low near 1697. The day eventually ended at 1701, down by USD 23.

Although gold fell more than USD 20 yesterday, it still maintains its position within the 1700-30(2) range in the 1-hour chart. If an S-T rebound began in early trading, the upside target could be set at 1709(3).

The selling has yet to show signs of slowing down on the daily chart. The price may test again at the bottom of the range(4) near 1690, later in the European or the US trading sessions.

S-T Resistances:
1720
1715
1709-10

Market price: 1700

S-T Supports:
1697
1690
1680

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. 
場外式黃金/白銀交易的風險:
場外式黃金/白銀交易由 Max Online 提供。場外式黃金/白銀交易涉及高度風險，未必適合所有投資者。高度的槓桿可為閣下帶來負面或正面的影響。場外式黃金/白銀並非受證券及期貨事務監察委員會（「證監會」）監管，因此買賣場外式黃金/白銀將不會受到證監會所頒布的規則或規例所約束，包括（但不限於）客戶款項規則。閣下在決定買賣場外式黃金/白銀之前應審慎考慮自己的投資目標、交易經驗以及風險接受程度。可能出現的情況包括蒙受部分或全部初始投資額的損失，或在極端情況下（例如相關市場跳空）產生更多的損失。因此，閣下不應將無法承受損失的資金用於投資。投資應知悉買賣場外式黃金/白銀有關的一切風險，如有需要，請向獨立財務顧問尋求意見。

Gold stayed in a tight range yesterday. The day began at 1748, and the price was bounded within 1745-50 early in the Asian & European sessions. It touched the day-low near 1742 before the US session, then the buying came into the market. The day-high reached 1755, with day ending at 1750.

The uplifting momentum has accelerated as the upward trend line shifted from (3) to (3.1) yesterday. The price has cleared the selling resistance between 1750-55 early in the Asian session today, triggered a new round of buying. Once the price clears the next resistance 1760(2), the next upside target will be at 1770-73.

The structure 1730-80(4) dominates the daily chart for now. The 10-day MA(5) is now blocking the upward movement; nce it is cleared, the next target will be at 20 day MA(6).

S-T Resistances:
1775-73
1770
1765

Market price: 1762

S-T Supports:
1759-60
1755
1750

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. 
場外式黃金/白銀交易的風險:
場外式黃金/白銀交易由 Max Online 提供。場外式黃金/白銀交易涉及高度風險，未必適合所有投資者。高度的槓桿可為閣下帶來負面或正面的影響。場外式黃金/白銀並非受證券及期貨事務監察委員會（「證監會」）監管，因此買賣場外式黃金/白銀將不會受到證監會所頒布的規則或規例所約束，包括（但不限於）客戶款項規則。閣下在決定買賣場外式黃金/白銀之前應審慎考慮自己的投資目標、交易經驗以及風險接受程度。可能出現的情況包括蒙受部分或全部初始投資額的損失，或在極端情況下（例如相關市場跳空）產生更多的損失。因此，閣下不應將無法承受損失的資金用於投資。投資應知悉買賣場外式黃金/白銀有關的一切風險，如有需要，請向獨立財務顧問尋求意見。