XAU/USD – Gold Weekly Analysis 19 April 2017

Home XAU/USD – Gold Weekly Analysis 19 April 2017

CHARTING

The crucial points are:

1

After several failed attempts, the price of gold has finally managed to appreciate higher than 12.31.27 level of resistance, with the market adding a significant bullish momentum in previous days, mostly because of the increasing international political tension. However, it seems that the bulls have met strong resistance at 1290.51 level in last three days, which could be a temporary pause, before the price moves to higher levels.

Charting outcome: Marginally bullish – Neutral         

INDICATORS (Computerized T.A)

The crucial points are:

2

3

The indicators are signaling that an uptrend has occurred, which is likely to become stronger. The moving averages slopes have strengthened their positive angle, while the spread between the positive and the negative dynamic has widened. The trend dynamic has increased by +34.45%, whilst the market’s volatility has marginally increased by +2.15%. Finally, the oscillators have passed into heavily overbought levels.

Indicators outcome: Bullish – Marginally bullish      

CONCLUSION

The indicators and charting are in favor of the positive outlook. However, the charting suggests the neutral outlook as well. If the price appreciates higher than 1290.51 level of resistance, the next resistance is possible to occur at the 1300.00 level. On the contrary, if the price breaks lower than 1273.80 level, the next support could occur at the 1261.27 level.