April 26, ADS Securities – After refreshing its lowest level of the year near $1,266 on Tuesday, the XAUUSD pair staged a technical correction on Wednesday and extended its rebound into a second day during yesterday's session.
However, with the greenback finding constant demand, the pair is having a difficult time keeping up with the upside movements as it is failing to settle above the $1,280 level even though the yellow metal traded at a high of $1,282.5 per ounce. The 10-year yield is virtually unchanged after Wednesday's drop while major European equity indexes suffered moderate losses, suggesting that the market sentiment is negative.
Gold price technical forecast
Gold prices surged during yesterday's session to print a high of $1,282.5 before immediately retreating and failing to settle above the $1280 level. With the momentum building up, the price is currently trading just below the $1,277.18 resistance level. We will be focusing on the $1,274.06 support level before we shift our focus to the upside and especially on the $1,280.11 resistance level.
Support: 1277.18/ 1270.1
Resistance: 1280.11/ 1282.19
ADS Securities Risk Disclaimer
This article was provided by ADS Securities analysts.
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. Hence, it may not be suitable for all investors.
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.