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18.04.201609:15 Forex Analysis & Reviews: Technical analysis of Gold for April 18, 2016

Long-term review

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Technical outlook and chart setups:

Gold is trading at $1,235.00/36.00 levels at this moment, looking to hit $1,247.00/48.00 levels before turning lower again. The yellow metal looks to be in a counter trend rally before resuming its down trend. Please note that the metal earlier reversed from $1,283.00 levels, dropping lower into $1,207.00 levels (not depicted here). Furthermore, the metal reversed from $1,262.00 levels (the Fibonacci 0.618 retracement of the above drop), indicating deeper correction ahead. It is hence recommended to sell into rallies at $1,248.00 levels, with risk at $1,263.00 levels for now. Immediate resistance is seen at $1,248.00/50.00 levels, while support is at $1,222.00 levels respectively.

Trading recommendations:

Look to sell around $1,248.00/50.00 levels, stop is at $1,263.00, target is $1,190.00.

Good luck!

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