You are here: Home > articles > Commodities > Technical analysis and trading recommendations on Gold for May 04, 2015
Technical analysis and trading recommendations on Gold for May 04, 2015
May 4, 2015 8:10 amVideo
Latest News
- ECB threw a lifeline to the euro April 11, 2024
- Technical Analysis – ETHUSD finds support at 50-day SMA April 11, 2024
- Trading Signals for GOLD (XAU/USD) for April 11-15, 2024: buy above $2,345 (6/8 Murray – symmetrical triangle) April 11, 2024
- EUR/USD: trading scenarios on April 11, 2024 April 11, 2024
- Analysis and trading tips for USD/JPY on April 11 (US session) April 11, 2024
- Analysis and trading tips for GBP/USD on April 11 (US session) April 11, 2024
- Analysis and trading tips for EUR/USD on April 11 (US session) April 11, 2024
- Technical Analysis – USDCAD surges to new almost 5-month high April 11, 2024
- Technical Analysis – EURGBP’s double bottom still waits for confirmation April 11, 2024
- Technical Analysis – US 30 index slides below 50-day SMA April 11, 2024
- Video market update for April 11, 2024 April 11, 2024
- EUR/USD. April 11th. Fed minutes: inflation concerns persist April 11, 2024
- GBP/USD. April 11th. The US inflation report shocked the bulls April 11, 2024
- Technical Analysis – USDCHF unlocks 6-month high April 11, 2024
- Overview of the GBP/USD pair on April 11, 2024 April 11, 2024
- Overview of the EUR/USD pair. April 11th. The market couldn’t hold up after the inflation report April 11, 2024
- Analysis and trading tips for USD/JPY on April 11 April 11, 2024
- What’s behind the US economy’s resilience? – Special Report April 11, 2024
- Technical Analysis – AUDUSD plummets in the US CPI aftermath April 11, 2024
- Technical Analysis – WTI oil pauses rally but remains supported April 11, 2024
The yellow metal edged lower and probably made a double top at $1,214.70. At yesterday’s session, the metal managed to made a higher low at $1,178.00 on a closing basis, but intraday it made a low at $1,169.70. The previous low was at $1,174.90 and then rounded to $1,174.00. The FOMC meeting delivers a hawkish tone on the US economy. The first quarter slow growth was a temporary event. It makes the traders consider booking profits. At yesterday’s session, the US jobs data surpassed expectations.That was the lowest level for initial claims since April 15, 2000. This factor as well added more pressure on the metal and turned the bullish signals on the US economy. The technical resistance seems at $1,191.00 50Dsma, $1,198.00 20Dsma, and $1,200.00 uneconomical level. The daily RSI and stochastic indicated bearish signals. We recommend fresh selling below $1,174.00 with targets at $1,167.00 and $1,164.00 initially. The price has been consolidating for 4 weeks between $1,178.00 and $1,223.00. Finally, it gave the break on the downside and made a double bottom on the four-hour chart and changed the direction. The current trading pattern is formed between $1,174.00 and $1,200.00. Until the price closes below $1,200.00, the probability of another break on the lower side is high. At the intraday session, we recommend buying above $1,185.00 with small targets at $1,190.00, $1,192.00, and $1,195.00. In the latter case, it can retest $1,197.00 and $1,200.00. Intraday support is seen between $1,177.50 and $1,176.50. From my viewpoint, the price has been making a base at $1,175.00. On the daily chart, lower highs are being formed. The weekly trading pattern is framed between $1,174.00 and $1,215.00. Weekly strong support is found at $1,166.00. If the price closes below 1166.00, we can expect a fresh 2015 low around $1,135.00.
Trade: buying above $1,185.00.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: