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Short-term technical analysis of Gold for April 25, 2019

Gold price continues to trade below short-term resistance and has potential for a short-term bounce, justified by the bullish divergence warning by the RSI.


Red line - major resistance trend line

Blue lines - bullish divergence

Green rectangle - major resistance area (previous support)

Gold price broke below the important $1,290-80 support area. A back test towards this area that is now resistance is very possible as we have some bullish divergence warnings from the RSI in the 4 hour chart. This is not a reversal confirmation but just a warning. Price from current levels could bounce to $1,280-$1,300 area. Key for this scenario is for the RSI to hold above the blue upward sloping support trend line. Breaking below it will cancel any bounce potential. Our medium-term target remains at $1,260-50 after breaking below $1,280.

The material has been provided by InstaForex Company -