Trade n Trend

Home » Daily Technical Reports » Gold Today Technical Report 13/04/2016

Gold Today Technical Report 13/04/2016

Gold traded lower on Tuesday after it hit resistance slightly above the 1260 (R1) resistance line. Although the price is trading above the short-term uptrend line taken from the low of the 6th of April, I believe that the setback is poised to continue for a while, perhaps to challenge the 1243 (S1) support. A clear break below that hurdle could open the way for another test near the 1225 (S2) zone. Our short-term oscillators support the notion as well. The RSI turned down and fell below its upside support line, while the MACD, although positive, has topped and fallen below its trigger line. Switching to the daily chart, I would switch my stance to neutral as far as the broader trend is concerned. I prefer to wait for a clear move above 1278 (R3) before I get confident on the resumption of the prevailing long-term uptrend.

GOLD 13

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: