FX.co ★ Gold technical analysis for April 23, 2015

Gold price has broken the short-term trend-line support and has given a weak sell signal. The price remains above the support level at $1,180 but below the short-term resistance at $1,210. A long-term view remains bearish targeting $1,000-$900.

Blue line = resistance @ $1,210

Red line = support @ $1,180

Green line= trend line support

Now, gold price is below the Ichimoku cloud in the 4-hour chart. The short-term trend tends to change to bearish especially if the price breaks below $1,180. Resistance is found at $1,210. The price has broken the green trend-line support and we could see a back test towards $1,195 today.

The weekly chart remains bearish with the tenkan-sen in a negative slope,. The Chikou span with a negative slope and the price is still below the Ichimoku cloud. The rejection at the kijun-sen (yellow line) was an important bearish signal. A weekly closure below the tenkan-sen (red line) could accelerate selling pressures. Huge weekly support is expected at $1,130 if we go to $1,000 or even $900.