Gold Trend 02/03

Gold gained USD 36 yesterday. The market opened at 1908; the climb began early in the Asian session after a short consolidation toward 1900. The price broke out from downward trendline(1) and the critical resistance 1930(2), climbed all-the-way to 1950 ending the day at 1944,

The gain yesterday was triggered by news again from Ukrain, with the oil price leading the climb and gold lagging. The uptrend has resumed. After the price broke out from the 1880-1930(6) range yesterday, expect the price to reach 1980 technically with a 1:1 ratio measurement. An S-T support line(5) has formed in the last 24 hours. 1930-50(4) should be the range in early trading today.

Gold was finally able to close above 1910 on the daily chart. As it has escaped the uptrend channel, the next significant resistance is 1950 (following 1975/2000). Major supports to the downside 1930/1920/1900.

S-T Resistances:
1965
1950
1940

Market price: 1935

S-T Supports:
1930
1920
1915

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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. 

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