Gold: Support at 1188.60/1183.70, resistance at 1210.70/1223.10

April 21, 2015

London (Apr 21)  The erratic movement in the recent price movement continues. The daily chart now shows four successive different candles as gold fails to find any real direction. The price has been stuck in this range between the key levels of $1178 and $1224 for a few weeks now and there is little to suggest this is going to end any time soon. Even within the range there is resistance that is building at $1210.70, whilst I was interested to see yesterday’s low coming in around the old support band at $1191. I still see it as possible to play the classic hourly RSI signals, buying around 30 and selling around 70. Other than that we need to wait for a break of the range.

Source: FXstreet

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