Short-term technical analysis of Gold for April 30, 2019
April 30, 2019 9:21 pm
Gold price has held short-term support at $1,280 where we find the lower channel boundary. Bulls need to break above $1,289 in order to push higher towards the major resistance of $1,300.
Red line – major resistance trend line
Blue lines – short-term bullish channel
Red rectangle – short-term resistance area
Gold price has short-term resistance area at $1,289. Breaking above this level will open the way for a move towards the red trend line major resistance. This will be a short-term bullish signal. However medium-term trend remains bearish as long as we trade below $1,300 and any bounce is considered as selling opportunity. Support is at $1,280 and bulls do not want to see that level broken. A break below this support will open the way for a move towards $1,250-60 or lower.
The material has been provided by InstaForex Company – www.instaforex.com
Gold price has held short-term support at $1,280 where we find the lower channel boundary. Bulls need to break above $1,289 in order to push higher towards the major resistance of $1,300.
Red line – major resistance trend line
Blue lines – short-term bullish channel
Red rectangle – short-term resistance area
Gold price has short-term resistance area at $1,289. Breaking above this level will open the way for a move towards the red trend line major resistance. This will be a short-term bullish signal. However medium-term trend remains bearish as long as we trade below $1,300 and any bounce is considered as selling opportunity. Support is at $1,280 and bulls do not want to see that level broken. A break below this support will open the way for a move towards $1,250-60 or lower.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: