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    Gold technical analysis for April 9, 2015

    Gold price has broken short-term support and looks weak again. As I mentioned on Monday, a fake breakout and rejection of the resistance at $1,222 was not a good sign. There is a strong probability that a reversal will bring the price towards $1,200-$1,190. Gold price has also broken below other technical support indicators, and bears are likely to be back in control in the short-term trend.

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    Red line = horizontal support

    Blue line = horizontal resistance

    Yellow line = trend line support

    Gold price was rejected at the blue resistance level and has broken the yellow trend-line. It came closer to break below the Ichimoku cloud. The double top rejection is a reversal sign. Gold is making lower lows and lower highs in the short-term. If we see a daily close below $1,190, the upside bounce is confirmed over.

    goldd.jpg

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    The weekly chart is getting every day even more bearish than before. We started on Monday with a gap up but on top of the kijun-sen yellow indicator. The rejection and fake breakout that followed made the weekly candle turn lower and turn red. Things do not look good for bulls.

    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
    InstaForex Group © 2007-2015

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