Trade n Trend

Home » Daily Technical Reports » Gold Today Technical Report 20/04/2016

Gold Today Technical Report 20/04/2016

Gold edged north on Tuesday, breaking above the resistance (now turned into support) level of 1243 (S1). Subsequently the metal hit resistance marginally below 1260 (R1) and then it retreated. 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 would expect the retreat to continue for a while, perhaps back below 1243 (S1). The RSI edged lower after it hit resistance near its 70 line, while the MACD, although positive, shows signs of topping. 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 (R3) 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.

GOLD 20

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