Gold Trend 21/03

Gold pulled back from 1950 last Friday. The market opened near 1942. After the price touched the day-high near 1945 early in the Asian session, it gradually slipped lower. The gold price cleared the 1930 support late in the US session, and the day ended at 1920, down by USD 23.

The gold price has turned weak after being rejected again by the critical resistance 1950. The trading range of 1905-30(2) is once again in effect. An S-T downward trendline(1) has formed in the past 48 hours; expect the price to visit the bottom of the range in the next 48 hours.

Gold failed to close above 1940 last Friday, creating a reversal signal(3) on the daily chart. The rebound originated from the Fed. Meeting has come to an end. Expect the price to be traded within the range of 1880-1950 for now.

S-T Resistances:
1950
1940-41
1930

Market price: 1924

S-T Supports:
1920
1915
1910-08

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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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