Gold Trend 19/07 - 22/07

Gold traded in a tight range yesterday. The market opened at 1706 back from the weekend. The price was gradually moving higher during the Asian session and touched the day-high at 1724. However, gold resumed its position below 1710, closing at 1709, and ended slightly up by USD 3.

In the past 48 hours, gold has been trading in a tight range between 1700-20. Can continue to take advantage of this range until it breaks.

The buying above 1710(3) is relatively weak so far after the price touched 1700 last Thursday. The buying support at 1700 remains in place; if the price break this support, expect the next downside target can be set at 1680.

S-T Resistances:
1728-30
1720
1713-15

Market price: 1710

S-T Supports:
1710
1705
1700

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Comment:

Gold slipped to a 1-year low yesterday. The day began at 1711; throughout the day, the price was bounded by the 1706-14 range. The price went below 1700(2) before the day's end, touching the day-low near 1692. The day ended at 1696, down by USD 14.

A new round of selling started after gold finally left the 1700-20(1) range. Expect the price to trade between 1680-1700 in the next 24-48 hours, where the critical support remains at 1680.

As mentioned before, the buying above 1710(4) has been weak, and the downtrend has yet to reverse. The next downside target remains at 1680.

S-T Resistances:
1715
1708-10
1700

Market price: 1693

S-T Supports:
1690
1685
1680

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