Technical Analysis - GOLD Ranging Bearish for D1 and Bearish Breakdown for H4 timeframne
17 April 2015, 09:11
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Gold prices have drifted lower and have fallen below unchanged levels after holding modest gains early on and in overnight trading.The overall near-term technical posture of the gold market remains bearish, which has also encouraged some fresh chart-based selling. Weaker crude oil prices on this day, and the U.S. dollar index backing down from its overnight high, have also emboldened sellers in gold. June Comex gold was last down $6.00 an ounce at $1,195.30.
- Tenkan-sen line is located above Kijun-sen line of Ichimoku
indicator with 1183.92 support level and 1223.91 resistance level on D1 timeframe with the price located below Ichimoku cloud which is indicating the ranging market condition within the primary bearish.
- AbsoluteStrength indicator and TrendStrength indicators are in contradiction with each other indicating possible sideway market condition for D1 price to be ranging.
- D1 price is breaking 1.4683 support on open bar with good potential for breakdown.
Trend:
- H4 - bearish breakdown
- D1 - ranging bearish
- W1 - ranging bearish
- MN1 - ranging bearish
