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    Gold technical analysis for April 24, 2015

    Gold price was pushed up towards $1,195 as we had expected. It seems that the sideways movement is forming a triangle pattern. Traders should wait for a confirmed breakout above or below the triangle boundaries before taking any action.

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    Blue lines= triangle pattern

    Gold price is still below the Ichimoku cloud in the 4-hour chart but has not broken below the lower triangle boundary at $1,185. Support is crucial at this level and it should be used as a stop for any long position and the level that gives a new sell signal. On the other hand, gold has resistance at $1,205 where the upper triangle boundary is found. Breaking above that level will give a buy signal with a target at $1,250-60.

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    In the weekly chart, the price remains trapped between the kijun-sen and the tenkan-sen. Support of the tenkan-sen was tested and held. The price continues to trade above it so the sideways consolidation is not finished yet as the price remains trapped within a trading range.

    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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