With investors nervous over Syria and Russia, 'emotional' gold could get a big boost. According to a veteran trader, Gold is in a holding pattern until investors find a fresh reason to get edgy. How is it trading currently? This 16 April Gold Price Technical Outlook reveals!
16 April, GKFX – Currently, Gold (XAU/USD) is trading at $1,347, having clocked a low of $1,342 earlier today.
The yellow metal opened below Friday's close of $1,345.20 as the risk assets found bids as the US-led strikes on Syria did not invite retaliatory action from Russia.
The S&P 500 futures rose 0.6 percent earlier today. Also, the stock markets in Japan and Australia reported moderate gains. However, Chinese stocks have begun the day on a negative note. China's A-share index is down 2.3 percent.
Gold is reporting marginal gains, eyes bullish breakout
It appears the S&P 500 futures have trimmed gains (currently up 0.25 percent), tracking the decline in the Chinese stocks. The yellow metal may pick up bid if the S&P 500 futures go negative. Further, a weaker-than-expected US retail sales figure could weigh over the US dollar and help gold gain altitude.
That said, what bulls need is a convincing break above $1,380 - a move that could yield a near 90-degree rally to $1,480 - $1,500.
16 April Gold Price Technical Outlook
A break above $1,357 (March 27 high) would expose resistance lined up at $1,361.76 (Feb. 16 high) and $1,365.29 (April 11 high). On the other hand, an hourly close below $1,339.82 (10-day MA) could yield a pullback to $1,331.07 (50-day MA) and $1,325.69 (100-day MA).
This article 16 April Gold Price Technical Outlook was written by analysts at GKFX. The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.
If such information is acted upon by you, then this should be solely at your discretion, and GKFX will not be held accountable in any way.