How is the yellow metal currently trading on Friday? What are the 20 April Gold Price Analysis? Let us see how ADS Securities’ analysis will answer these questions.
20 April, ADS Securities – The precious metal finished in negative territory in the last session to end at $1346.80, as strength in the US Dollar drifted investors away from the safe-haven commodity.
20 April Gold Price Analysis
At present, the yellow metal is trading in a downward trending channel on the 1H chart, indicating at a bearish technical picture for the near term. Likewise, the MACD indicator is moving towards the south, further affirming the above stance.
Key technical support is seen at the $1340 level, followed by the $1336 and $1333 levels. A breach below the latter might generate further acceleration to the downside. On the other hand, the key technical barrier is situated at the $1348 level, followed by the $1352 and $1355 levels. A break and stability above the latter might lead to positivity in the safe-haven commodity.
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