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19.04.201915:55 Forex Analysis & Reviews: Analysis of Gold for April 19, 2019

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 has been trading upwards in past 10 hours. The price tested the level of $1.276.50. We expect potential upward movement in our opinion selling looks extremely risky.

Exchange Rates 19.04.2019 analysis

According to the H1 time-frame on the Gold CFD we found that there is the bullish divergence on the 3/10 oscillator, which is sign that sellers losing their power and buyers react. Key resistance levels are seen at the price of $1.282.10 and at $1.289.40. Key support level is seen at the price of $1.270.9.

Situation on the futures market:

Exchange Rates 19.04.2019 analysis

On the futures market we found massive selling climax (excessive volume and range of the bar) in the background, which is strong sign of the strength and big warning for sellers. The climatic bar on the 2H time-frame got 115k contracts traded versus average 20k, which signaled us big difference. The next few bars after the climatic bar were with the narrow range and very high volume but we got high effort with no result, which is another sign of potential strength incoming. Finally, after the decline the downward channel got broken and the buyers did start to buy and accumulate their positions in our opinion. Our advice is to watch for buying opportunities with targets at $1.282.00 and $1.290.00.

Petar Jacimovic
Analytical expert of InstaForex
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