For Traders

Analytical Reviews

Technical analysis

12.04.201607:29 Forex Analysis & Reviews: Technical analysis of Gold for April 12, 2016

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.

Technical outlook and chart setups:

Gold rallied and hit resistance at $1,257.00/58.00 levels yesterday before pulling back lower. The metal is trading at $1,253.00 at the moment, and is expected to drift lower at least towards $1,190.00 levels. Please note that the metal is expected to retrace the entire rally from $1,046.00 through $1,283.50 levels as depicted here (blue color). Furthermore, a fibonacci convergence is also seen at $1,160.00 levels, where the countertrend extensions meet with retracement (red color). It is hence recommended to remain short for now with risk above $1,270.00 levels. Immediate resistance is seen at $1,270.00 levels, while support is at $1,190.00 levels respectively.

Trading recommendations:

Remain short for now, stop at $1,270.00, target $1,190.00 and $1,160.00.

Good luck!

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.