Technical analysis for Gold for April 17, 2019

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Gold price broke below important support area of $1,280-90 yesterday. Trend remains bearish. Price should continue lower towards $1,250-60 over the coming weeks. A bounce towards $1,280-90 as a back test is possible.

Black line – major trend line resistance

Green rectangle – support area

Red rectangle -target area

Gold price has broken through support at $1,280 and the RSI confirmed the strength of this move by making a lower low. Our target for Gold over the coming weeks is at $1,250-60 first and then $1,225. A bounce towards $1,280-90 or even $1,300 could come before this target is achieved. Our bearish view remains our primary view as long as price is below the black downward sloping trend line resistance.

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

Source:: Technical analysis for Gold for April 17, 2019

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