Technical Analysis

GOLD Price Analysis – April 13, 2023

By LonghornFX Technical Analysis
Apr 13, 20232 min

Daily Price Outlook

On Thursday, the precious metal gold is exhibiting a sideways bias around the $2,017 level. Gold has bounced off, and the bullish rebound has driven prices towards the $2,017 level. Currently, the support trendline is likely to support gold prices around the $2,012 level.

The closing of candles above the $2,012 level has the potential to trigger a bullish bounce-off towards the $2,024 resistance level. An increased demand for gold could break through the $2,024 level and push prices towards the $2,032 level. Simultaneously, in the case of a bearish breakout below the $2,012 level, gold could drop to the $2,008 or $2,001 level.

Leading technical indicators such as RSI and MACD are still in a buying zone, with RSI holding above 50 and MACD above 0. Both of these indicators suggest that bulls may dominate the market. Given this, the idea is to look for a buying position above the $2,012 level with a target price of $2,024 and a stop loss around or below $2,005.

 GOLD Price Chart - Source: Tradingview

Gold (XAU/USD) Trade Idea

Entry Price – Buy Above $2015

Stop Loss – $2008

Take Profit – $2030

Risk to Reward – 1 : 2

Profit & Loss Per Standard Lot = +$1500/ -$700

Profit & Loss Per Micro Lot = +$1500/ -$70


    * EUR/GBP Price Analysis – April 13 2023

    * EUR/USD Price Analysis – April 13, 2023

    * GOLD Price Analysis – April 12, 2023



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