Trade n Trend

Home » Daily Technical Reports » Gold Today Technical Report 18/04/2016

Gold Today Technical Report 18/04/2016

Gold traded higher on Friday after it hit support near 1225 (S1) on Thursday. The metal sill oscillates within a sideways range between the 1210 (S2) obstacle and the resistance zone of 1278, and as a result, I would hold a flat stance as far as the short-term outlook is concerned. For now, I see signs that the current rebound may continue for a while, perhaps for a test at 1243 (R1). A clear break above that barrier is likely to confirm the case and perhaps open the way for the 1260 (R2) area. Shifting my attention to our short-term oscillators, I see that the RSI edged higher and now looks able to move above its 50 line, while the MACD has bottomed and just poked its nose above its trigger line. Switching to the daily chart, I would hold a flat stance as far as the broader trend is concerned as well. 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.

GOLD 18

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: