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Gold technical analysis for April 27, 2015

Gold price had broken the triangle pattern and pushed below $1,180 on Friday producing a new sell signal. Now, the price is testing the breakdown area. As long as the price is below $1,200, bears are in control with $1,130-40 as 1st target area.

goldh4.jpg

Blue lines = triangle pattern

Gold price has broken the lower boundary of the triangle pattern. The price is below the Ichimoku cloud. It is making lower lows and lower highs in the 4-hour chart. Short-term support is at $1,175, which is the last weeks's low. The price is back testing the breakdown area. It is testing the triangle from below.

goldd.jpg

The weekly chart does not look good either. After 3 weeks, the red line indicator tenkan-sen was broken. The weekly candle closed below the tenkan-sen and this is a new bearish signal. Overall the weekly chart is bearish as price has reversed from the 50% retracement, price remains below the Ichimoku cloud and below the kijun-sen. If $1,130 is broken I expect to see a push as low as $1,000 or even $900.

The material has been provided by InstaForex Company - www.instaforex.com