Showing posts with label Technical analysis for Gold for April 3. Show all posts
Showing posts with label Technical analysis for Gold for April 3. Show all posts

Technical analysis for Gold for April 3, 2019

Gold price bounced off support yesterday at $1,285 to $1,293. Short-term trend remains bearish and as long as price remains below $1,300 there is still danger of seeing a sharp decline to $1,250-60 or lower.

analytics5ca4541174fdf.png

Green rectangle - major support area

Red rectangles - targets

Blue rectangle -resistance

Red line - long-term support trend line

Gold price holds above the major support area of $1,290-$1,280. Bouncing off this level is expected but bulls will need to break above the resistance at $1,324.50 in order to hope for a bigger move higher towards $1,350-60. If support at the green rectangle area fails to hold, Gold will be expected to move lower towards $1,250-60 at least. The RSI is providing some bullish divergence signs, so it is most probable to see a bounce towards $1,300 than break support right away.

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