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Gold - Focus remains to the upside

by Timothy Straiton
Saturday 25th April 2020

Gold - Focus remains to the upside

Current price as of 24th April is 1727 and trading 11 percent above the rising 200 day moving average, currently at 1534. Gold has breached resistance at 1679 on the 9th of April and this level can now be regarded as support. It was tested on the 21st of April and held. Fibonacci upside projection based on the 1469 -1679 range, means that the following target prices are now in focus:

- 1759 (38.2%)
- 1784 (50%)
- 1809 (61.8%)

The positive directional movement index over the previous 14 days is currently at 28. If it can move higher from this level then higher prices are likely. If it falls under 25 one can expect a trendless price development with another possible test of support at 1679. A daily close above the 1731 area would be the first sign that these upside targets will be visited in the near future.


 

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