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Home » Daily Technical Reports » Gold Today Technical Report 27/04/2016

Gold Today Technical Report 27/04/2016

Gold edged higher on Tuesday breaking marginally above our prior 1243 resistance level. Given that the move didn’t have the necessary momentum for a strong break of that level, I prefer to shift the first resistance slightly higher towards the 1245 (R1) area. I would need to see clear break of that barrier in order to trust further advances. At the moment, given the FOMC meeting later in the day, I would prefer to take the sidelines and wait to see the tone of the statement to determine the near-term direction. Another reason I prefer to adopt a wait-and-see stance is that the metal has been oscillating between 1210 (S2) and the 1278 area since the last days of February, which keeps the short-term path neutral, in my view. Zooming out to the daily chart, I would hold a flat stance as far as the broader trend is concerned as well.

GOLD 27

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1 Comment

  1. steve pool says:

    Gold and Silver are still in the process of going from BEAR to BULL. thanks.

    Liked by 1 person

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