For Traders

Analytical Reviews

Technical analysis

08.04.201407:48 Forex Analysis & Reviews: Technical analysis of gold for April 08, 2014

Long-term review

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.

The yellow metal is in a downtrend from $1,390 levels. Currently, the metal is trading at $1,300 levels. The metal is taking support at $1,295 levels and facing resistance at $1,301.90 levels in H4 chart. Once the metal crosses the $1,301.90 level, it will fly up to $1,303.80, $1,307, and $1,310 levels intradaily. If the metal closes above the $1,310 levels, huge short covering and fresh buying will add to the metal. It will fly up to $1,327 levels. On the higher levels, the metal will face some selling pressure. Traders eye tomorrow's FOMC meeting minutes.

On the down side, in intraday if the metal breaks the $1,295 levels, it will fall to $1,291, $1,284, $1,281, and $1,277. Major panic is only below $1,277 towards $1,270, 1,265, 1,261 levels. Traders can maintain sl $1,277 for longs.

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.