You are here: Home > articles > Forex > Gold produces bullish bounce. Long positions can be initiated
Gold produces bullish bounce. Long positions can be initiated
April 5, 2013 1:30 pmVideo
Latest News
- Forex forecast 04/23/2024: EUR/USD, GBP/USD, Oil, SP500 and Bitcoin from Sebastian Seliga April 23, 2024
- USD/JPY: trading tips for beginners for European session on April 23 April 23, 2024
- GBP/USD: trading tips for beginners for European session on April 23 April 23, 2024
- EUR/USD: trading tips for beginners for European session on April 23 April 23, 2024
- Market Comment – Dollar pulls back, but yen hits new 34-year low April 23, 2024
- What do the smaller US surveys say about the US economy? – Special Report April 23, 2024
- Technical Analysis – NZDUSD bounces off a 5-month low April 23, 2024
- Hot forecast for EUR//USD on April 23, 2024 April 23, 2024
- Microsoft reports earnings as AI wars intensify – Stock markets April 23, 2024
- Technical Analysis – Is gold ready for bearish correction? April 23, 2024
- XM and Singapore Red Cross: Stronger Together April 23, 2024
- Technical Analysis of Intraday Price Movement of Natural Gas Commodity Asset, Tuesday April 23, 2024. April 23, 2024
- Technical Analysis of Intraday Price Movement of Gold Commodity Asset, Tuesday April 23, 2024. April 23, 2024
- Key events on April 23: fundamental analysis for beginners April 23, 2024
- EUR/USD and GBP/USD: Technical analysis on April 23 April 23, 2024
- Forecast for EUR/USD on April 23, 2024 April 23, 2024
- Forecast for GBP/USD on April 23, 2024 April 23, 2024
- Forecast for USD/JPY on April 23, 2024 April 23, 2024
- Outlook for GBP/USD on April 23. The pound resumed its decline without delay April 23, 2024
- Outlook for EUR/USD on April 23. Boring Monday went off without a hitch April 23, 2024
Technical outlook and chart setups:
A simple wave structure of 4H chart has been depicted here. The long term support region was around 1,530/40 region and the prices have just produced a morning star, bullish reversal trade signal. Support is just below 1,540.00 now, while resistance is lined up from 1,610/20, through 1,650/60 and higher. It is recommended to enter long positions again (1,552.00), with an immediate target of 1,610.00 from here on. As seen here, the sloping line of resistance would be breached if prices reach first resistance near 1,610/20 region from current levels. Thereafter, the yellow metal would be offering fresh long entries on dips. Long again for now.
Trading recommendations:
Enter long positions now (1,552/53), stop is at 1,520.50, and target is at 1,610.00.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: