Technical Analysis of Gold for April 19, 2016
Technical outlook and chart setups:
Gold prices are seen to be trading at $1,233.00/34.00 levels for now, looking to rally towards $1,247.00 levels to complete the countertrend rally. Please note that the metal is expected to reverse lower from $1,247.00/48.00 levels. The metal is expected to complete the down gartley towards $1,247.00 levels and then turn lower. Also note that fibonacci 0.618 resistance is also seen around the same levels, hence a bearish reaction is expected. It is recommended to remain flat for now and look to sell around $1,248.00 levels, with risk above $1,265.00 levels. Immediate resistance is seen at $1,250.00 levels, while support is at $1,227.00 levels respectively.
Trading recommendations:
Remain flat for now, look to go short at $1,247.00/48.00 levels.
Good luck!
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