Showing posts with label Technical analysis for Gold for April 22. Show all posts
Showing posts with label Technical analysis for Gold for April 22. Show all posts

Technical analysis for Gold for April 22, 2019

Gold price despite having broken below the major support area of $1,280, it remains resilient and has not accelerated the decline towards $1,250-60. The oversold short-term conditions justify a bounce towards $1,300 as we mentioned in a previous post and we remain bearish as long as price is below that area.

analytics5cbd624262abf.png

Green rectangle - major support

Red rectangle - target

Black line - major resistance trend line

Red line - expected move

Blue line - RSI expected move

RSI is turning upwards from oversold levels and this implies we could see price of Gold back test the $1,280-90 previous support now resistance area, before moving lower towards $1,250-60 which is our first target as long as price is below the black downward sloping trend line. Trend remains bearish. Any upside bounce with price below $1,300 is currently considered a selling opportunity. Breaking above $1,300 and holding above it would be a bullish sign.

The material has been provided by InstaForex Company - www.instaforex.com