Gold Price Forecast -Technical Report – 5th April 2019
Gold Price Forecast Summary
In our yesterday Gold Price Predictions, we expected a minimum target 1270-81. This is what happened, price moves lower and hit the minimum support level.
We are still expecting a bearish movement after some correction. I am sharing update gold analysis to share my views for the next movement.
Gold Daily Forecast 5th April
Gold is moving in a descending triangle formation and the lower movement towards 1279-81 was expected and hit in yesterday session. The gold price bounce after touches the support and currently moving around 1289-90 area.
Gold may give a little bit more upward movement to complete its correction. As per the weekly volume, the price may break the descending channel support in coming days and the minimum target could around 1269 and maximum 1243.
Alternative: If the price moves higher and breaks the resistance of the descending triangle shown in the chart below, it will invalidate our bearish thoughts. Please note we consider the break after closing of daily candle.
Please have a look at the daily gold chart below, I have drawn the possible movement diagram.
Gold Daily Technical Chart 5th April 2019
Below is the yesterday gold chart reference that moves as per expectations.
XAU-USD Support & Resistance Levels 5th April
Bearish Target: 1243
Note: Never risk more than 5% of your total account in a single trade, always trade with the proper risk management plan.
Feel free to comment below, if you have any concern regarding the above charts & analysis.
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