12.04.201907:46 Forex Analysis & Reviews: Technical analysis for Gold for April 12, 2019

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Gold price got rejected and reversed strongly from our target area of $1,310-15. Price returned back to its major support of $1,290-80 area. It is important for bulls to break above $1,310 and for bears to break $1,280.

Red line - important short-term trend line resistance

Red rectangle - bounce target

Green rectangle - major support area

Gold price bounced off the major support area as expected and reached our short-term target. Bulls were not strong enough to break above the red trend line resistance and price got rejected. This was a bearish sign. However bulls remain hopeful as long as price remains above the major green support area of $1,290-80. Bears on the other hand remain in control of the medium-term trend after topping prices back in February, while Gold continues to make lower highs, showing increasing weakness. Breaking below $1,280 will open the way for a move towards $1,250 at least. Breaking above $1,310 will increase the chances for Gold price to make new yearly highs.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.