Gold Weekly Price Analysis – April 13
Continuation of bearish movement is highly envisaged as the gravestone Doji candle formed at the support area of $1,292. Further increase in the Bears’ pressure will decrease the Gold price and it may reach $1,242 in case the resistance level of $1,292 holds.
Resistance levels: $1,292, $1,353, $1,389,
Support levels: $1,242, $1,181, $1,130
XAUUSD Long-term trend: Bearish
XAUUSD is bearish on the weekly chart. The Bulls could not defend the former support level of $1,292 but rather the bears increased their pressure and broke down the $1,292 support level. This is clearly seen on the weekly chart as the gravestone Doji candle formed at the support area of $1,292; the last weekly candle was initially bullish pushing the Gold price towards $1,292 price level but the bears rejected the price increment, exerted pressure and the metal price was placed slightly below the $1,292.
Gold Weekly Chart, April 13
The metal price is nearly penetrated the 21period EMA and 50 periods EMA. The Stochastic Oscillator period 14 is at 40 levels with the signal lines bending down to indicate sell signal and a further decrease in Gold price. Further increase in the Bears’ pressure will decrease the Gold price and it may reach $1,242 in case the resistance level of $1,292 holds.
XAUUSD Medium-term Trend: Bearish
XAUUSD is bearish on the daily chart. The bears are gradually taking over the Gold market; the bearish engulfing candle formed on April 11 confirmed it. The next daily candle that formed on April 12 was shooting star which penetrated the $1,292 level downside. Continuation of bearish movement is highly envisaged as the metal is currently trading below the 21 periods EMA and 50 periods EMAs.
Gold Daily Chart, April 13
The Stochastic Oscillator period 14 is at 40 levels bending down to connotes sell signal and further reduction in Gold price
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