Technical Analysis of Gold for April 21, 2016

Technical Analysis of Gold for April 21, 2016

21 April 2016, 11:12
Roberto Jacobs
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Technical Analysis of Gold for April 21, 2016


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Technical outlook and chart setups:

Gold rallies to test recent highs at $1,260.00 levels, before pulling back. The yellow metal is trading around $1,257.00 levels for now, and might be looking to push through $1,266.00 levels which is the Fibonacci 0.786 resistance level. Please note that $1,266.00 level is also Fibonacci convergence, and should provide enough resistance to the metal. Bears are expected to remain in control till prices remain below $1,283.00 levels. It is hence recommended to remain short now, with risk above $1,270.00 levels. Immediate resistance is seen at $1,262.00 levels, while support is seen through $1,243.00 levels respectively.

Trading recommendations:
Remain short, stop at $1,270.00, target is $1,190.

Good luck!
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