Technical analysis for Gold for April 19, 2019

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Gold price remains in a bearish short-term trend. Gold price broke below important support levels but the move lower has not extended yet towards our $1,250-60 target area. Price has only reached as low as $1,270.

Green rectangle – major support area now resistance

Red rectangle – target

Black line – major resistance trend line

Gold price as explained in previous posts might first need to make a back test of the broken support now resistance area of $1,280-90. The RSI has broken through the blue trend line support but is also turning upwards. This could mean a bounce towards $1,290 could come over the next few sessions. As long as price is below the black trend line resistance medium-term trend remains bearish and Gold is vulnerable to a move towards $1,250-$1,220.

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

Source:: Technical analysis for Gold for April 19, 2019

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