GOLD – The big Easter surprise?

Daily Outlook for Thursday, April 14, 2022: The bulls generated another gold price buy signal this week by breaking above $1,959 and confirmed it by breaking above $1,973. There are only two technical obstacles to overcome before the absolute record.

Image: © Roman Bodnarchuk / stock.adobe.com

  • Gold

    – Kurzel: XAU/USD – ISIN: XC0009655157


    Price point: $1,974.09,000/oz. (FXCM) – At time of article publication

  • Gold – WKN: 965515 – ISIN: XC0009655157 – Kurs: $1,974,09000/oz. (FXCM)

Gold price resistances: 2000 + 2015 + 2074

Gold Price Supports: 1949 + 1920 + 1890

Review: Over the past few days, gold prices not only defended the support at $1,890 but also broke through the $1,920 mark and broke out of an upward triangle-shaped consolidation. The result was a successful break of resistance at $1,959 on Tuesday and directly reaching the next barrier at $1,973. This was clearly exceeded in yesterday’s trading and thus the next long signal has been generated.

Chart Technical Outlook: Above $1,949, the bulls are now in control and may even attack the $2,000 and $2,015 lows thanks to the break above $1,973. At this point, expect another major correction, which can certainly lead back to USD 1,920. However, if the price of gold also breaks above USD 2,015, a buying impulse to the all-time high would be likely.

Declines below USD 1949, on the other hand, would signal the start of a corrective phase, during which gold should retreat towards USD 1920. This is where the next big move up could begin. Below, however, a small sell signal would be activated and a sell at $1,890 and $1,875 would result.

Gold chart analysis (daily chart)

Chart analysis for GOLD - The big Easter surprise?

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