Gold Price Forecast -Technical Report – 24th April 2019
Gold Price Forecast Summary
In our yesterday Gold Price Predictions, The more bearish movement was expected for minimum 1269. This was what happened in yesterday session. The price hits our first target level and currently trading above the second target level.
We are expecting more bearish movement after a small correction.
I am sharing 4-Hour Technical analysis below. Please have a look.
Gold Daily Forecast 24th April 2019
As per the technical rules. The support becomes resistance when its break. This yesterday movement was a clear example of this technical rule. The price reverses back after hitting the broken support level and hit our first target level.
The yesterday low was 1266 and price still have enough momentum to reach its second target level 1261 but we may see small correction before hitting our second target level.
The gold price could bounce to the resistance level again at 1279-80 level and more chances for good selling pressure from the resistance towards 1261 is expected.
The longer-term and weekly gold target will remain same 1253 and could extend towards 1242 level.
Note: There is no bullish signal in gold. So buying gold could be risky for day traders.
I have shared my 4-Hour technical chart as an example below. Please have a look at the daily gold technical chart below.
4-Hour Technical Chart 24th April 2019
Below is the yesterday gold chart reference that moves as per expectations.
XAU-USD Support & Resistance Levels 24th April 2019
Bearish Long Term Target: 1242-43
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Feel free to comment below, if you have any concern regarding the above charts & analysis.