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FX.co ★ Gold technical analysis for April 20, 2015

Gold technical analysis for April 20, 2015

Gold price remains trapped inside the trading range of $1,222 and $1,180. I remain neutral as long as the price is inside this range. Gold price has been moving sideways over the last few sessions and there is no clear medium-term direction.

Gold technical analysis for April 20, 2015

Blue line = resistance

Red line = support

Gold price remains inside the trading range since mid-March as shown in the 4-hour chart above. The price is also trading around the Ichimoku cloud.There is no clear direction. The price is trapped in a sideways range. I prefer to stay neutral.

Gold technical analysis for April 20, 2015

Gold price in the weekly chart remains trapped between the kijun- and tenkan-sen. The price is below the cloud resistance. The longer-term trend remains bearish. The price is also below the 50% retracement of the decline where it topped 2 weeks ago. Breaking below $1,180 is likely to be a sell signal that will put $1,130 to the test.






*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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