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    Gold technical analysis for April 7, 2015

    Gold price made a fake break out and short-term reversal today from $1,224. Gold did not close above $1,222 as bulls wanted and reversed despite a breakout to new short-term highs. This bearish signal could result into a deeper pullback. This week closes are going to play a significant role.

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    Blue line = resistance

    Red line= support

    Gold price made a new higher high today but did not manage to get higher or close above the previous high. Gold price is pulling back in what seems to be a fake breakout. Short-term support is at $1,206-$1,200. In case of brakout, I would believe we are going to test the red support line . Ichimoku cloud support is at $1,195-$1,200.

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    The start of the week has not been good for bulls despite the gap up. The price got rejected at the yellow line kijun-sen indicator and this is bearish. However, it is still too early for conclusions for the weekly chart. For now, bulls need to push and close above $1,222 in order to reach the level of $1,250.

    Alexandros Yfantis neemt deel aan de "Analyst of the Year" onderscheiding georganiseerd door MT5.com portal. Als u zijn artikel goed vindt, stemt u dan op hem.

    Uitgevoerd door, Analytische expert
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