Technical analysis for Gold for April 18, 2019

Gold price as mentioned in our last analysis has broken below important support area. Gold price remains in a bearish trend since topping back in February 2019. Gold price target is at $1,250-60 and we may also see a deeper correction towards $1,220.

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Green rectangle - major support

Red rectangle - target

Black line - major resistance trend line

Blue line - RSI support trend line (broken)

Gold price is trading below the important support level of $1,280-90. We could see a back test of this area which is now resistance. However our target of $1,250-60 remains intact as long as price is below the black trend line resistance at $1,300-$1.305. Support is found next at $1,250-60 area. As long as we trade below the black trend line resistance any bounce is considered as a selling opportunity.

The material has been provided by InstaForex Company - www.instaforex.com

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