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Home » Daily Technical Reports » Gold Today Technical Report 14/04/2016

Gold Today Technical Report 14/04/2016

Gold continued sliding on Wednesday, falling below the support (now turned into resistance) line of 1243 (R1). This brought the price below the short-term uptrend line taken from the low of the 6th of April and as a result, I would expect the retreat to continue for a while. I would expect the bears to challenge the 1225 (S1) zone, where a decisive dip could open the way for the next support barrier of 1210 (S2). Our short-term momentum indicators detect downside speed and support further declines. The RSI slid after crossing below its 50 line, while the MACD, already below its trigger line, has just turned negative. Switching to the daily chart, I would hold my flat stance as far as the broader trend is concerned. I prefer to wait for a clear move above 1278 before I get confident on the resumption of the prevailing long-term uptrend. On the downside, I believe that a break below 1200 (S3) could signal a medium-term trend reversal.

G OLD 14

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