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Home » Daily Technical Reports » Gold Today Technical Report 25/04/2016

Gold Today Technical Report 25/04/2016

Gold fell below the support (now turned into resistance) level of 1243 (R1) and found some buy orders near the upward support line taken from the lows of the 10th of February. A decisive break below the 1225 (S1) zone could trigger larger bearish extensions and perhaps challenge the 1210 (S2) zone. Given that the metal has been oscillating between 1210 (S2) and 1278 area since the last days of February, I maintain the view that the short-term path remains neutral. I would need a clear break below the 1210 (S2) level to trust further declines. The case is also supported by our near-term momentum studies. The RSI found support just above its 30 line and rebounded somewhat, while the MACD, shows signs of bottoming around it’s the zero line. Switching to the daily chart, I would hold a flat stance as far as the broader trend is concerned. I prefer to wait for a clear move below 1210 (S2) before I get confident on the continuation of the short-term downtrend.

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