For Traders

Analytical Reviews

Technical analysis

24.04.201907:21 Forex Analysis & Reviews: Short-term technical analysis of Gold for 24 April, 2019

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Gold price made a new lower low yesterday at $1,266.50 but short-term indicators show that we could see a bounce soon before moving lower. Gold price has broken important support at $1,290-80 area and is targeting $1,250-60 area. Maybe a bounce to $1,280 could come first.

Red lines - bullish divergence

Blue line -major trend line resistance

Gold price made a new low but the RSI has not followed for the second time. The RSI remains above 30 while price made a lower low. This implies that at least a short-term bounce is close and bears should be very cautious. This is not a reversal signal but just a warning. Resistance is at $1,274 and next at $1,280. Breaking above $1,280 would push price towards the blue downward sloping trend line resistance at $1,290-95. If price continues to make lower lows and the RSI breaks below the red line supporting it, then the bounce scenario is canceled.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.