Market Analysis – April 20
Gold (XAUUSD) ascent from 1804.0 to 1958.0 was delivered with dazzling speed. Since the break of the 1958.0 key level, the market has spent a relatively longer duration without pushing further to the next resistance level.
Gold Key Levels
Demand Levels: 1958.0, 1804.0, 1612.9
Supply Levels: 2068.0, 2150.0, 2300.0
Gold Long-Term Trend: Bullish
Gold Bears capitalized on the pullbacks in the downward trend last year. After the market reversal at 1958.0, the price plummeted to the support level of 1804.0. The whales shorted the market heavily upon a pullback to 1868.0. A triple-top chart pattern ended the short-term rally to continue the downward trend from the significant level of 1868.0. The Stochastic indicated the market was overbought in June. The appearance of the Parabolic SAR (Stop and Reverse) point above the 1868.0 supply level confirmed the resumption of the downward trend.
The pullback to cover up for the inefficient regions of the bearish displacement halted in August when the Stochastic revealed the exhaustion of the Buyers. The Parabolic SAR (Stop and Reverse) point switched positions to rest above the daily candles upon the test of the supply level of 1804.0.
Gold Short-Term Trend: Bullish
Gold has broken the 1958.0 barriers. The multiple retests of the bullish order block resting at a significant level reveal the market’s reluctance to reach the major high of 2068.0. The Stochastic indicator is already overbought on the four-hour chart and the twenty-four-hour chart. Since Gold price is currently in a premium range, a crash in the market below 1958.0 is anticipated.
You can purchase Lucky Block here. Buy LBLOCK
Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
- Broker
- Min Deposit
- Score
- Visit Broker
- Award-winning Cryptocurrency trading platform
- $100 minimum deposit,
- FCA & Cysec regulated
- 20% welcome bonus of upto $10,000
- Minimum deposit $100
- Verify your account before the bonus is credited
- Over 100 different financial products
- Invest from as little as $10
- Same-day withdrawal is possible
- Fund Moneta Markets account with a minimum of $250
- Opt in using the form to claim your 50% deposit bonus
Learn to Trade
Never Miss A Trade Again
Signal Notification
Real-time signal notifications whenever a signal is opened, closes or Updated
Get Alerts
Immediate alerts to your email and mobile phone.
Entry Price Levels
Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.