empty
 
 
12.04.2016 07:29 AM
Technical analysis of Gold for April 12, 2016

This image is no longer relevant

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!

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback