16.04.201509:52 Forex Analysis & Reviews: Gold technical analysis for April 16, 2015

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.

Gold price held support at $1,180 and managed to break short-term resistance to move back towards the Ichimoku cloud resistance. Gold price remains inside the bigger trading range and this confirms that the trend is neutral. This can also be seen in the weekly chart where the price is trapped between the kijun- and tenkan-sen.

Blue line = horizontal resistance

Red line = trend line resistance

Green line = horizontal resistance

Gold price broken the downward sloping trend-line resistance. The price is trying to move above the cloud resistance. However, the price remains inside the trading range of $1,222 and $1,180. This implies that the trend remains neutral for the medium-term.

The weekly gold price chart confirms that the price is trapped between a trading range. Gold is trading between the kijun-sen (yellow line) and the tenkan-sen (red line). The price was rejected at the kijun-sen and buyers came in and pushed it higher once it reached the tenkan-sen. The longer-term trend remains bearish as the price is below the cloud.

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.