In this 12 April Gold Price Technical Analysis, it is seen that the yellow metal has retreated from the 11-week high of $1,365 after the Fed minutes boosted the expectation of faster rate hikes, but managed to secure a bullish technical breakout. How is Gold further impacted by the Syrian crisis?
12 April, GKFX – The metal closed yesterday at $1,353, signaling a bull flag breakout, meaning the rally from the December low of $1236.50 has resumed. According to the measured height method, the yellow metal could rally to $1,466 over the next couple of months.
The Syrian issue seems to have triggered a flight to safety
As of writing, the yellow metal is changing hands at $1,352. Prices had risen as high as $1,365 yesterday after Trump tweeted “missiles are coming to Syria” and criticized Russia for backing the Assad regime, triggering a flight to safety. Further, Saudi Arabia said its air defense forces intercepted three ballistic missiles fired at Riyadh and other cities by Yemen’s Houthis.
The metal could revisit and possibly break above the previous day’s high of $1,365 if the geopolitical risks yield heavy losses in the stock markets.
12 April Gold Price Technical Analysis
A break above $1,356.91 (March 27 high) could yield a re-test of $1,365 (previous day’s high). A violation there would expose resistance lined up at $1,375 (2016 high). On the downside, acceptance below $1,348 (April 4 high) would signal bullish invalidation and may allow a pullback to $1,331 (ascending 50-day moving average) and $1,324 (Jan. 18 low).
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