For Traders

Analytical Reviews

Technical analysis

25.04.201908:18 Forex Analysis & Reviews: Short-term technical analysis of Gold for April 25, 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 continues to trade below short-term resistance and has potential for a short-term bounce, justified by the bullish divergence warning by the RSI.

Red line - major resistance trend line

Blue lines - bullish divergence

Green rectangle - major resistance area (previous support)

Gold price broke below the important $1,290-80 support area. A back test towards this area that is now resistance is very possible as we have some bullish divergence warnings from the RSI in the 4 hour chart. This is not a reversal confirmation but just a warning. Price from current levels could bounce to $1,280-$1,300 area. Key for this scenario is for the RSI to hold above the blue upward sloping support trend line. Breaking below it will cancel any bounce potential. Our medium-term target remains at $1,260-50 after breaking below $1,280.

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.