Trade n Trend

Home » Daily Technical Reports » Gold Today Technical Report 19/04/2016

Gold Today Technical Report 19/04/2016

Gold traded in a quiet manner yesterday, staying between the support of 1225 (S1) and the resistance of 1243 (R1). Since the last days of February, the precious metal has been oscillating between 1210 (S2) and 1278 and as a result, I would consider the short-term path to stay neutral. For now, I see signs that the next wave within the range could be positive. A clear move above 1243 (R1) would confirm the case and perhaps open the way for the 1260 (R2) zone. This is also supported by our short-term oscillators. The RSI turned up and looks able to move back above tis 50 line, while the MACD, although negative, stands 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 could signal a medium-term trend reversal.



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