Thursday, April 24, 2014

Gold Technical Analysis - Bullish Formation Showing On The Daily Chart!

I haven't posted any forex setups in a while, but today there is a nice formation on the daily XAU/USD charts. On the one hour chart I have marked a massive trend line break with a green line. Gold has been in a very consistent and steady downtrend for the past few days, but today I think everything has changed. The daily chart is showing a bullish engulfing candle right on the $1277 price level which has been used both as support and resistance in the past (marked with green arrows). My gut tells me in the next few days or even tomorrow we might see a lot of Gold buying!!!


Resistance:
1: If we break higher tomorrow I expect first resistance is @ $1304 level.
2: If the $1304 breaks hard I think we may even see Gold heading for the $1330 high from the 14th of April!



1-HR Chart

Daily Chart

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