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  4. Head-shoulder formation in Gold still playing out, 1,275 in focus

Head-shoulder formation in Gold still playing out, 1,275 in focus

April 15, 2019 11:30

Source: Economic Events April 15, 2019 - Admiral Markets' Forex Calendar


The technical picture for Gold remains very interesting with an ongoing head-shoulder formation on the daily chart.

Even though Gold bulls made an attempt to push Gold back above 1,300 USD during the first half of last week, Gold closed the week below the current psychologically relevant level.

This brings us to the HS-neckline, and the important support region around 1,275/277 USD that traders are focusing on.

With the upcoming, prolonged Easter weekend, and the thin economic calendar, chances of increased volatility and a downward break seems possible but subdued, and a thinning of liquidity could result in a surprising and sharp break of 1,275 USD.

Such a downward break activates the region around 1,235/240 USD as an initial target on the downside.

The risk for Gold bulls would be negated if they succeed in reconquering 1,325 USD with a daily close.

Source: Admiral Markets MT5 with MT5-SE Add-on Gold Daily chart (between January 22, 2018, to April 12, 2019). Accessed: April 12, 2019, at 10:00pm GMT - Please note: Past performance is not a reliable indicator of future results, or future performance.

In 2014, the value of Gold fell by 1.7%, in 2015, it fell by 10.4%, in 2016, it increased by 8.1%, in 2017, it increased by 13.1%, in 2018, it fell by 1.6%, meaning that after five years, it was up by 6.4%.

Disclaimer: The given data provides additional information regarding all analysis, estimates, prognosis, forecasts or other similar assessments or information (hereinafter "Analysis") published on the website of Admiral Markets. Before making any investment decisions please pay close attention to the following:

  1. This is a marketing communication. The analysis is published for informative purposes only and are in no way to be construed as investment advice or recommendation. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and that it is not subject to any prohibition on dealing ahead of the dissemination of investment research.
  2. Any investment decision is made by each client alone whereas Admiral Markets shall not be responsible for any loss or damage arising from any such decision, whether or not based on the Analysis.
  3. Each of the Analysis is prepared by an independent analyst (Jens Klatt, Professional Trader and Analyst, hereinafter "Author") based on the Author's personal estimations.
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