Yesterday we expected bearish movement with minimum target 1271.Market move lower and bounce from 1274 zone.Current gold price is 1279, It seems bearish bias is still not over and we are still expecting a more bearish move towards minimum 1271 and maximum 1263.
Please have a look at 4-hour time frame chart below, I have drawn possible next movement diagram with target and invalidation area.
4-Hour Gold Price Chart
Gold Support & Resistance Levels April 20th, 2017
Resistance 1: 1287-88
Support 1: 1271
Support 2: 1263
Wish you good luck and happy trading
Our website is providing Pure Technical Analysis for educational purpose only. We are not financial consultant and doesn’t providing any signal calls for traders.
Recommended Content
Editors’ Picks
EUR/USD edges lower toward 1.0700 post-US PCE
EUR/USD stays under modest bearish pressure but manages to hold above 1.0700 in the American session on Friday. The US Dollar (USD) gathers strength against its rivals after the stronger-than-forecast PCE inflation data, not allowing the pair to gain traction.
GBP/USD retreats to 1.2500 on renewed USD strength
GBP/USD lost its traction and turned negative on the day near 1.2500. Following the stronger-than-expected PCE inflation readings from the US, the USD stays resilient and makes it difficult for the pair to gather recovery momentum.
Gold struggles to hold above $2,350 following US inflation
Gold turned south and declined toward $2,340, erasing a large portion of its daily gains, as the USD benefited from PCE inflation data. The benchmark 10-year US yield, however, stays in negative territory and helps XAU/USD limit its losses.
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Week ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too
Fed meets on Wednesday as US inflation stays elevated. Will Friday’s jobs report bring relief or more angst for the markets? Eurozone flash GDP and CPI numbers in focus for the Euro.