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Gold Today Technical Report 11/04/2016

Gold edged higher and today during the Asian morning, it emerged above the (resistance now turned into support) barrier of 1243 (S1). The precious metal is now headed towards the 1255 (R1) resistance hurdle, where a clear break could open the way for the next resistance line of 1268 (R2). Our short-term oscillators detect accelerating upside speed and corroborate my view that gold could continue higher for a while. The RSI moved higher and now looks ready to challenge its 70 line, while the MACD stands above both its zero and trigger lines and points up. Switching to the daily chart, I see that the move above 1243 (S1) has possibly signaled that the retreat started on the 11th of March was just a corrective phase and that the longer-term uptrend is back in force.

gold 11

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