GOLD Weekly Technical Analysis (20-24 April, 2015) | April 18, 2015

Gold has formed a triangle. We can wait for breakout of this triangle. Breakout of this pattern on downside, it can fall again and target will be 1185 area. Breakout on upside, gold can go 1220 resistance area again. Earlier in the week, gold started to fall and faced support at 1184 area. From that support gold started moving up. So this support will be act as strong level for gold now. So we can go for buy if we find gold on support area. On weekly chart, we saw rejection pin bar weekly candle which indicates bullish signal on gold. So from support, we can go for buy.


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Weekly Pivot, Support and Resistance

Resistance Two (R2): 1224

Resistance One (R1): 1214

Pivot Point: 1199

Support One (S1): 1189

Support Two (S2): 1174