Gold Slips Below Triple Bottom – Technical Outlook

Posted Monday, April 29, 2019 by
Arslan Butt • 1 min read

On Monday, the precious metal gold eased below 1,287 resistance area as stronger equity markets lifted the risk-sentiment, thereby declining safe-haven demand of the metal. Both economies, the US and China, had better than expected economic events during the past week. This is beating the safe-haven demand and helping equity markets instead.

Notably, the Chinese industrial firms grew 13.9% year-on-year in March, thereby promoting confidence that the country’s economy may be beginning to stabilize.

GOLD is trading slightly bearish at 1,282 after testing more-than one week high in the previous session. Despite a bearish bias and trend in the US dollar, gold continued to keep its bearish bias.

At the moment, gold is trading bearish at 1,281 and still holding below 50 periods EMA on the daily timeframe. It demonstrates the bearish bias of traders.

Support Resistance
1281.75 1283.24
1281.03 1284.01
1279.54 1285.5
Key Trading Level: 1282.52

What’s Next?

The US Nonfarm payroll and the FOMC can keep the market muted. However, gold is likely to continue its bullish momentum above1,280 to target and 1,288.

Good luck!

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