As discussed on 10 Apr Gold technical analysis Gold is trading near the upper resistance zone 1588-1590$. Unable to break the 1590$ pullback till 1560-62 should be expected which it did the same day. Today after retail sales unexpectedly dropped commodities are having sell off. Also as per Gold technical analysis before crucial Jobs data we clearly mentioned 1526 as strong support for gold and it made a low of 1526$ before bouncing back. Lets analyses whats in store for today.
Gold Hourly Chart
Gold 4 Hour chart with Fibo regression channels,is shown Gold is trying to sustain above the fibo channel at 1532, Unable to sustain for next 1 hour gold is likely to break the support of 1526.
As per daily charts gold has taken support at zig zag lines of 1526 and bounced back,RSI is also on the verge of breakdown below 31 on daily charts. Till gold is unable to cross 1540 trend remains Sell the rise. Range of 1532-1540 is tricky range and fresh trade should be avoided till it breaks this range.
As per Weekly charts gold is nearing very important 2 year support of 1526 which has resulted in swift pullback this time also. Weekly charts RSI is forming lower lows and break of 1526 swift fall will be seen.
Buy above 1544 Tgt 1555 and 1559 SL 1540
Sell below 1531 Tgt 1526,1517 and 1510 SL 1536
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