23 April Gold Price Analysis

Germany’s central bank, the Bundesbank, has opened an exhibition of its hefty gold reserves after recalling half of its bullion from foreign vaults. How is the precious metal now trading? This 23 April Gold Price Analysis from ADS Securities comes handy!

23 April, ADS Securities – Worth €117 billion and weighing in at 3,400 tonnes, Germany’s stockpile is the world’s second-largest after the US, and some of it is now on display at the Money Museum in Frankfurt, the country’s financial hub.

Meanwhile,  the yellow metal traded with a negative showing on Friday to close at $1336.70, dragged down by gains in US treasury yields and strength in the greenback.

23 April Gold Price Analysis

At present, the precious metal is trading below its short-term and long-term EMAs on the 1H chart, hinting the presence of bearish momentum in the coming session. Key intraday support is situated at the $1333 level, followed by the $1330 and $1326 levels. A move back below the latter might lead to further acceleration to the downside.

However, a recent signal line crossover from below by the MACD indicator, suggests at potential recovery over intraday basis. Immediate resistance is placed at the $1339 level, followed by the $1343 where EMA 55 is trading and $1346 level. A surge above the latter might reverse the main trend to bullish.

ADS Securities Risk Disclaimer

This article was provided by analysts of ADS Securities.

Trading foreign exchange, foreign exchange options, foreign exchange forwards, contracts for difference, bullion and other over-the-counter products carries a high level of risk. All opinions, news, analysis, prices or other information contained in this communication are provided as general market commentary. It does not constitute investment advice. Nor a solicitation or recommendation for you to buy or sell any over-the-counter product or another financial instrument.

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