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23.04.201908:19 Forex Analysis & Reviews: Short-term technical analysis of Gold for 23 April, 2019

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Gold price after making a low at $1,271 has bounced towards the previous support now resistance area of $1,280-90 for a back test. I expected the bounce to be bigger maybe towards $1,295-$1,300 but it seems that price got rejected at the lower boundary of the resistance area.

Exchange Rates 23.04.2019 analysis

Black line - major resistance trend line

Blue rectangle- short-term resistance

Green rectangle- major support now resistance

Gold price got back inside the green rectangle area which was important support. Price got rejected. As long as price is below the $1,281 level and the blue rectangle, we should expect Gold price to break below $1,270 towards our first target area of $1,250-60. Breaking above the short-term resistance could push price towards $1,290-$1,300. Medium and short-term trend remain bearish. Support is found at $1,271.

Alexandros Yfantis
Analytical expert of InstaForex
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