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Gold Price Forecast -Technical Report – 17th April 2019

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Gold Price Forecast -Technical Report – 17th April 2019

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Gold Price Forecast Summary ( 17th April 2019 )

In our yesterday Gold Price Forecast, we expected the small bounce towards 1295 and then reverse back to break the support level of the descending triangle. This is what happened, Price moves up and reverse back from 1290 and break the support of triangle in yesterday session.

The break confirms our bearish thoughts. I am sharing our next update predictions for gold movement in daily and hourly charts below.

Gold Daily Forecast  17th April 2019

The break of the descending triangle in yesterday session confirms our bearish thoughts. The price hit 1272 level and our minimum target was 1269 which is slightly below from yesterday movement.

The gold could move more bearish this week and may hit minimum 1261 and maximum 1253 level in a couple of days.

I have shared my Daily technical chart as an example below. Please have a look

Gold Daily Technical Chart 17th April 2019

Gold Price Forecast -Technical Report - 17th April 2019 - Daily Gold Chart

Gold 4-Hour Forecast  17th April 2019

As we love to share 4-hour charts because it always helps us to spot the earliest possible pattern. We can see a clear break of support in the 4-hour chart which confirms and give us confidence about our bearish thoughts.

The support becomes resistance now and will act as a resistance for the upcoming movie. 1270 area become resistance and we are expecting a fall back from this area towards minimum 1261 and 1253 as an extension.

Please have a look at 4-Hour Gold Technical Chart below. I have mentioned and drawn the possible movement diagram on it.

Gold 4-Hour Technical Chart 17th April 2019

Gold Price Forecast -Technical Report - 17th April 2019 - 4-Hour Gold Chart

Below is the yesterday gold chart reference that moves as per expectations.

 

Gold Price Forecast -Technical Report - 15th April 2019 - Daily Gold Chart

 

XAU-USD Support & Resistance Levels 15th April

Resistance: 1279-80

Support: 1261

Support: 1253

 

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