Gold Price Forecast -Technical Report – 15th April 2019
Gold Price Forecast Summary
In our yesterday Gold Price Forecast, We expected a correction before a new low, this is what happened. Price moves up to complete the correction and hit 1307-08 level & reverse back.
The price is still moving in a descending triangle formation and the support is 1279-81 zone.
I am sharing daily and hourly technical analysis below to give my view about gold next movement.
Gold Daily Forecast 15th April
The price bounce as expected from the support level previous week and hit the minimum correction target level but remain below the invalidation area. The gold price hit 1307-08 zone and reverse back.
The price is currently moving towards its support level again which could the watching area for descending channel.
We are expecting a small bounce from the support zone towards 1297-98 and then reverse back.
Please keep in mind, our longer-term target is still bearish and we are looking for the break of descending triangle support around 1279-78 area.
Once the break is confirmed, the major bearish target for gold could be 1269 minimum and 1243 in case of extension.
Alternative: If the price moves up and break the resistance of the descending triangle, this will invalidate our bearish thoughts.
Please have a look at XAUUSD Daily Technical Chart below , i have drawn the possible movement diagram on it.
Gold Daily Technical Chart 15th April 2019
Below is the yesterday gold chart reference that moves as per expectations.
XAU-USD Support & Resistance Levels 15th April
Bearish Target: 1243
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