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Long-term review

Gold broke to new highs above the 2017 highs earlier tonight after the attack in Syria by the US army forces. We should expect a pullback or a back test of the broken resistance level at $1,257-60. In the long term I remain bullish looking for $1,300-$1,310.

Exchange Rates 07.04.2017 analysis

Blue lines - trading range

The price broke out of the trading range. It is above the Kumo (cloud). Trend is bullish in the 4-hour chart. Both tenkan- and kijun-sen are pointing higher. I expect more upside in price action. Support is at $1,257-60. Resistance is now at $1,280.

Exchange Rates 07.04.2017 analysis

Red line - resistance

Black line - long-term resistance

Blue line - long-term support

Gold weekly candle is breaking above the short-term resistance and 2017 highs. The weekly close will be important. A weekly close above $1,263 will open the way for a push at least towards $1,285-$1,310. Trend is bullish. There are no divergence signs.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by Alexandros Yfantis,
Analytical expert
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