Technical analysis for Gold for April 9, 2019

analytics5cac35a297ea4.png

Gold price has broken above short-term resistance and is expected to move towards $1,315. Bulls need to recapture the $1,300 level as soon as possible because the more they stay below it, the lesser are the chances of breaking it, resulting in a rejection.

Black line – resistance trend line

Red rectangle -target

Blue rectangle – short-term resistance (broken)

Green rectangle – major support

Blue lines – bullish divergence

Gold price has respected the support area of $1,290-$1,280 and has produced a bounce towards the $1,300 resistance level. Gold price is expected to continue higher towards $1,315 if bulls can manage to recapture the $1,300-$1,302 level. Inability to break above this area could push Gold price back towards $1,290. Major support remains at $1,290-80 area. Breaking it will open the way for a move towards $1,250-$1,200. This would be an important bearish sign. So as long as price is above it, bulls hope for a new leg higher starting soon. Major resistance is at $1,315-20 area and breaking above it will open the way for a move towards $1,350.

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

Source:: Technical analysis for Gold for April 9, 2019

Won't your trader friends like this?
InstaForex
About the Author
InstaForex brand was created in 2007 and at the moment it’s a top choice of more than 2,000,000 traders. More than 1,000 clients open accounts with InstaForex every day. All InstaForex clients get great opportunities for effective trading on the forex market, as well as on-time technical and customer support

Related Posts

Leave a Reply

*