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Gold Technical Analysis

22 April 2016 – Gold

Gold hits resistance at 1270 and then slides

• Gold edged higher yesterday, hit resistance at 1270 (R2) and then it slid to find support once again at the 1243 (S1) barrier. Given that the metal has been oscillating between 1210 (S3) and 1278 (R3) since the last days of February, I maintain the view that the short-term path remains neutral. For now, I see signs that the metal could continue lower, perhaps back below 1243 (S1). A break below 1243 (S1) could open the way for another test near the 1225 (S2) area. The case is also supported by our near-term momentum studies. The RSI looks ready to move below its 50 line, while the MACD, although positive, has topped and fallen below its trigger line. Switching to the daily chart, I would hold a flat stance as far as the broader trend is concerned as well. I prefer to wait for a clear move above 1278 (R3) before I get confident on the resumption of the prevailing long-term uptrend. On the downside, I believe that a break below 1200 could signal a medium-term trend reversal.

• Support: 1243 (S1), 1225 (S2), 1210 (S3)

• Resistance: 1260 (R1), 1270 (R2), 1278 (R3)

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