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    Gold technical analysis for April 13, 2015

    Gold price managed to hold short-term support on Friday and bounced back above $1,200, bringing bulls back into the game. The key levels for the next big move in gold price are at $1,222 and at $1,190.

    goldh4.jpg

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    Red line = horizontal support

    Yellow line = upward sloping trend line

    Blue line = horizontal resistance

    Gold price has managed to push above the yellow trend line support and above the Ichimoku cloud in the 4-hour chart. Gold price held short-term support on Friday and as long as the price is above $1,190, bulls will have more chances to push the price to $1,250-60.

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    The weekly chart was not looking good all week but on Friday bulls managed to hold above the tenkan-sen indicator (red line). Support was held but the price remains below the kijun-sen (yellow line) indicator. The longer-term trend remains bearish since the price is below the Ichimoku cloud. Good levels to sell are at the 61.8% retracement and at the Ichimoku cloud. A weekly close below the last week closes is a sell sign. Until then I prefer to stay neutral.

    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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