Short-term technical analysis of Gold for April 30, 2019

Gold price has held short-term support at $1,280 where we find the lower channel boundary. Bulls need to break above $1,289 in order to push higher towards the major resistance of $1,300.

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Red line - major resistance trend line

Blue lines - short-term bullish channel

Red rectangle - short-term resistance area

Gold price has short-term resistance area at $1,289. Breaking above this level will open the way for a move towards the red trend line major resistance. This will be a short-term bullish signal. However medium-term trend remains bearish as long as we trade below $1,300 and any bounce is considered as selling opportunity. Support is at $1,280 and bulls do not want to see that level broken. A break below this support will open the way for a move towards $1,250-60 or lower.

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