Gold Price Forecast -Technical Report – 4th April 2019
Gold Price Forecast Summary
After a recent high around 1346-47 area, The gold price is moving in a lower low direction and forming support around 1290-91. We are expecting more lower movement this week if price breaks the major support area which is around 1280. We are sharing our gold price forecast and expected movement below in daily and hourly analysis.
Gold Daily Forecast 4th April
The small descending triangle formation and rising support are forming in the daily gold chart. The current market price is around 1291-92 and we are expecting a little bit more downward movement towards 1280-81 this week.
The immediate resistance in a daily chart is at 1301-05 level which could be the reversal area for gold. The rising major support in a daily XAUUSD chart is at 1269-71 level which is also expecting the target level.
Please have a look at the daily technical chart below, I have drawn the possible movement diagram on it.
XAUUSD Daily Technical Chart 5th April
Gold 4-Hour Forecast 4th April
I love to share 4-hour predictions because it helps us to spot a close overview of the market. The price is moving in descending channel formation in the 4-hour chart and currently, the support is around 1270-81 area.
Price could bounce from the support towards triangle resistance 1301-05, however, as per daily chart, we are still expecting this triangle may break downwards for minimum 1269 target and remain bearish this week.
Please have a look at the 4-hour technical chart below, I have drawn the possible movement diagram and expected target levels on it.
XAUUSD 4-Hour Technical Chart 5th April
XAU-USD Support & Resistance Levels 4th April
Resistance : 1301-05
Support : 1281
Support : 1269
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