Gold
Morning Report
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Long bearish candlestick shown on the daily chart breached the ascending support level and closed the session below the critical level of 1763.00, which negated our positive expectations yesterday. The downside movement could extend today affected by the breach seen yesterday, while the metal could provide a downside correction targeting 50% Fibonacci correction of the upside move, which started at 1522.00 and ended at 1790.00. The downside movement remains valid as long as the metal is stable below 1763.00.
The trading range for today is among the key support at 1657.00 and key resistance now at 1763.00.
The short-term trend is to the upside with steady weekly closing above 1475.00 targeting 1945.00.
***New York Candlesticks***
| Support | 1711.00 | 1706.00 | 1700.00 | 1689.00 | 1672.00 |
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| Resistance | 1735.00 | 1742.00 | 1750.00 | 1754.00 | 1763.00 |
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| Recommendation | Based on the charts and explanations above our opinion is selling gold around 1735.00, and take profit in stages at 1711.00, 1689.00 and 1657.00 and stop loss with 4-hour closing above 1763.00 might be appropriate. | ||||
| TIME | |||||
|---|---|---|---|---|---|
| Sydney | Tokyo | Ha Noi | HongKong | LonDon | NewYork |
| Prices By NTGOLD | ||
|---|---|---|
| We Sell | We Buy | |
| 37.5g ABC Luong Bar | ||
| 5,353.00 | 4,933.00 | |
| 1oz ABC Bullion Cast Bar | ||
| 4,448.00 | 4,048.00 | |
| 100g ABC Bullion Bar | ||
| 14,217.50 | 12,967.50 | |
| 1kg ABC Bullion Silver | ||
| 1,695.50 | 1,345.50 | |
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