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Expert In



Gold. April 30th. The trading system "Regression Channels". Dollar grows – gold becomes cheaper

4-hour timeframe


Technical details:

The upper linear regression channel: direction - up.

The lower linear regression channel: direction - up.

The moving average (20; smoothed) - up.

CCI: -88.5593

Gold has been falling steadily since February 20, which is primarily caused by the strengthening of the US currency. However, now the instrument has managed to gain a foothold above the moving average line, which is a good help for the future uptrend. Confuses again the strength of the US currency, which is in high demand in the foreign exchange market. The euro and the pound have attracted few people in recent months, if not more, as instruments for long-term investment. The uncertainty with Brexit and the uncertainty in the trade war between the EU and the USA do not add confidence to traders in these currencies. In such circumstances, it would seem that the demand for gold is rising as one of the main assets designed to preserve value, that is, reserve assets. But in practice, we see that the US dollar is also winning on this front. The technique shows the upward movement of intraday on April 30. Since important information is not expected from the States today, it is unlikely that the technical picture will change. Thus, we expect a moderate movement up the instrument.

Nearest support levels:

S1 - 1281.25

S2 - 1277.34

S3 - 1273.44

Nearest resistance levels:

R1 - 1285.16

R2 - 1289.06

R3 - 1292.97

Trading recommendations:

Gold is trying to resume the upward movement. Therefore, it is recommended to trade long positions with targets at 1285.16 and 1289.06. The upward trend is not strong, so positions should be opened in small lots.

Sell orders will again become relevant not earlier than overcoming the moving traders with the targets at 1273.44 and 1269.53.

In addition to the technical picture should also take into account the fundamental data and the time of their release.

Explanations for illustrations:

The upper linear regression channel is the blue lines of the unidirectional movement.

The lower linear regression channel is the violet lines of the unidirectional movement.

CCI - the blue line in the indicator window.

The moving average (20; smoothed) is the blue line on the price chart.

Murray levels - multi-colored horizontal stripes.

Heiken Ashi is an indicator that colors bars in blue or purple.

The material has been provided by InstaForex Company -