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Gold Price Technical Outlook

$GC $XAU $GLD

Gold futures rose Tuesday, rebounding from a 5-session decliner after the Fed’s announcement to boost lending eased fears over a contraction in liquidity.

US equity markets recovered some after Monday’s steep decliner, after the Fed stepped in and putting more liquidity into the economy. This triggered the relief rally in gold because buyers did not have to worry about selling tied to stock market margin calls.

Gold is not a safe-haven, gold is money.

Tuesday, April COMEX Gold settled at 1528.90, +42.40 or +2.85%.

The main trend is down according to the daily swing chart. A trade through 1704.30 changes the main trend to up. The next major downside target is the 21 May 2019 main bottom is 1301.60.

The main range is 1232.20 – 1704.30. Its 50% to 61.8% Fibo retracement zone is 1468.30 – 1412.50.

The minor range is 1704.30 – 1450.90. Its Fibo retracement zone is1577.60 – 1607.50 is the primary upside target.

Monday, April COMEX gold found support at 1450.90, inside the major Fibo retracement zone at 1468.30 – 1412.50. This zone is controlling the longer-term direction of the market.

On the Northside: the Key resistance is the Fibo retracement zone at 1577.60 – 1607.50. Since the main trend is down, sellers are likely to come in on a test of this area.

Have a healthy day

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