Head-shoulder formation in Gold still playing out, 1,275 in focus

May 07,2019 20:49   Source:Admiral Markets
<p><a href="https://admiralmarkets.com/analytics/technical-analysis/gold-head-shoulders"><img style="width:auto;" class="img-responsive" src="https://fxmedia.s3.amazonaws.com/articles/remote/6454d751ecf95c123c8532723b97625e.png"></a></p><p><em>Source: Economic Events April 15, 2019 - </em><a href="https://admiralmarkets.com/analytics/forex-calendar"><em>Admiral Markets' Forex Calendar</em></a></p><p><br></p><p>The technical picture for Gold remains very interesting with an ongoing head-shoulder formation on the daily chart.</p><p>Even though Gold bulls made an attempt to push Gold back above 1,300 USD during the first half of last week, Gold closed the week below the current psychologically relevant level. </p><p>This brings us to the HS-neckline, and the important support region around 1,275/277 USD that traders are focusing on. </p><p>With the upcoming, prolonged Easter weekend, and the thin economic calendar, chances of increased volatility and a downward break seems possible but subdued, and a thinning of liquidity could result in a surprising and sharp break of 1,275 USD. </p><p>Such a downward break activates the region around 1,235/240 USD as an initial target on the downside. </p><p>The risk for Gold bulls would be negated if they succeed in reconquering 1,325 USD with a daily close.<a href="https://admiralmarkets.com/analytics/technical-analysis/gold-head-shoulders"><img style="width:auto;" class="img-responsive" src="https://fxmedia.s3.amazonaws.com/articles/remote/180fa4f47634304862861a75857d72ea.png" style="" rel="" alt="Gold index daily chart"></a></p><p><em>Source: Admiral Markets </em><a href="https://admiralmarkets.com/trading-platforms/metatrader-5"><em>MT5</em></a><em> with </em><a href="https://admiralmarkets.com/trading-platforms/metatrader-se"><em>MT5-SE Add-on</em></a><em> Gold Daily chart (between January 22, 2018, to April 12, 2019). Accessed: April 12, 2019, at 10:00pm GMT - Please note: Past performance is not a reliable indicator of future results, or future performance.</em></p><p>In 2014, the value of Gold fell by 1.7%, in 2015, it fell by 10.4%, in 2016, it increased by 8.1%, in 2017, it increased by 13.1%, in 2018, it fell by 1.6%, meaning that after five years, it was up by 6.4%.</p><p><a href="https://admiralmarkets.com/trading-platforms/metatrader-5"><a href="https://admiralmarkets.com/analytics/technical-analysis/gold-head-shoulders"><img style="width:auto;" class="img-responsive" src="https://fxmedia.s3.amazonaws.com/articles/remote/62966c60c8d6124331f7bb7dc875f5bc.png" style="" rel="" alt="Download MetaTrader 5 and begin trading today!"></a></a></p><p><em>Disclaimer: The given data provides additional information regarding all analysis, estimates, prognosis, forecasts or other similar assessments or information (hereinafter "Analysis") published on the website of Admiral Markets. 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