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The price of gold is still stuck between confirm that the levels of support is 1181.00 and 1205.00 resistance, and as we pointed out in the morning, the price needs to break through one of these levels to determine the following objectives to be accurate, which makes us continue to Hyaditna yet.
Expected trading range for today is between: Support and Resistance 1175.00 1210.00
Market seemed directionless today, in fact it was lacking decisiveness and looked confused espeical over usd job data, i think it will remain in same situation until there is no effective news or assurance from higher authorities.
Daily Forecast
Major Trend: Bearish
Time Frame: H1
Reason: Market trying to form a bearish pattern, which also followed stochastic leaning down. But if the market rejected at the pivot point, the market will go back up.
Recommendation: Sell with a target of 1198.52
GOLD: consolidation below the 1209 resistance level
XAUUSD
April 16, 2015, 10:53
Buy on a level breakthrough of 1209 with 1223 target. Stop loss = 1195.
Reason for the trading strategy
The weak statistics on retail sales and industrial production in the US is putting pressure on the US dollar. At the moment, the cost of production of one ounce of gold is about $ 1,200. This level acts as strong support for gold.
GOLD, H4
https://www.exness.com/media/media/2015/04/16/3_1.png
pair- gold
time frame to analysis- m30
http://i62.tinypic.com/2j2fh9h.jpg
the up movement of the price is moved to the daily resistance level one at 1208.31.this is making a pull up from the support at 1200.80 level. price is making doji pattern at the resistance so correction in up movement can expected. hold the long entry with stop loss at 1194.00
good luck
daily overview for Gold
r3: 1223.96
r2: 1214.19
r1: 1208.29
s1: 1192.62
s2: 1182.98
s3: 1176.95
the pair broke the down trend to up
so our trade for the pair is buy
Gold continued its gains on Thursday as US $ 1200 per ounce rose for a second day as the dollar fell on weak US industrial production data.
And increased Spot gold trading 0.3 percent to $ 1204.76 an ounce ounce at 0659 GMT, after jumping 0.7 percent on Wednesday.
Dollar fell to its lowest level in a week on Thursday after weak US economic data, despite recovering from early losses.
A weaker dollar makes gold cheaper for holders of other currencies increases the attractiveness of the precious metal as a hedge.
Silver rose in online transactions 0.8 percent to $ 16.42 an ounce and platinum rose 0.43 percent to $ 1162 an ounce, while palladium rose 0.01 percent to $ 767.6 an ounce.
Daily Forecast
Major Trend: Bullish
Time Frame: H1
Reason: It is predicted that the market will break up the second resistance at 1209.46, 1214.93 target because there are areas that have not been corrected.
Recommendation: Buy
pair-gold
time frame-m30
http://i57.tinypic.com/n5jypl.jpg
the up movement of the price is making correction from the resistance at 1209.50 level and down movement is moved to the fibo support 50 at the price 1196.40 level. the price is again up side. long at the 1210.00 with profit target at 1225.00
good luck
The price of gold is due to attempts to penetrate the pivotal resistance 1205.00, supported by a positive stochastic current, and the price needs to close the initial four hours above this level to activate the positive scenario targeting areas of 1225.00 then 1244.00 major initial targets.
Spoiler: