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    Gold technical analysis for April 14, 2015

    Gold price started the day in negative mode and we observe that short-term support and the recent low at $1,193 was broken as the price reached $1,190. This is the general support area but the overall picture is not good for bulls. The price has the potential to reach $1,150-$1,130, which will be an important test for the longer-term trend.

    goldh4.jpg

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    Red line = support

    Blue line = resistance

    Yellow line = trend line support

    Gold price has broken below the yellow trend-line support and then tested it at $1,210 but did not manage to move back above it. Now, the price is below the yellow trend-line again and below the Ichimoku cloud. The price has made a lower high and lower low. The short-term trend is bearish.

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    The weekly chart remains bearish. The price is below the kijun-sen (yellow line). Now, it is testing the tenkan-sen ( red line). Few weeks ago, we had a bearish cross between the tenkan- and kijun-sen. The price is below the Ichimoku cloud. The longer-term view remains bearish with target at $1,000.

    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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