Gold Technical Update

XAU/USD (Gold)

Gold has been in a choppy mode, without any real direction. It has been trading in a large range between roughly 1800 and 1520. 1666.50 can be considered a central pivot as it is near the middle of the range and has been a pivot several times.

Resistance 1 = 1704.60; R2 = 1760
Support 1 = 1625-1628; S2 = 1560

As the market trades around the central pivot, it has been showing a bearish bias in price action with respect to a declining trendline as resistance. Entering the 4/30 US trading session, gold is falling sharply from the mentioned resistance cluster at 1666.50 down to 1645. Ability to stay below 1650 holds a bearish outlook in the short-term toward 1628-1630.

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Fan Yang CMT is a forex trader, analyst, educator and main contributor for FXTimes - provider of Forex News, Analysis, Education, Videos, Charts, and other trading resources.

Information and opinions contained in this report are for educational purposes only and do not constitute an investment advice. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness. FXTimes will not accept liability for any loss of profit or damage which may arise directly, indirectly or consequently from use of or reliance on the trading set-ups or any accompanying chart analysis.