Weekly Technical Analysis 22 Apr ~ 26 Apr

The overall market sentiment for Gold is still Bearish and as long as price is below 36800 level, this view will remain unchanged. Any price move in upside direction should just be a consolidation.

Looking at the chart, last week the price tested a low of 31869 but it was denied and price retraced back, closed the week at 33778. Currently, the price is just above 61.8% retracement level (34060). If it finds some strength to hold then it might attempt a test of 35800 level. But to get there it will have to first break an immediate resistance at 34360 level. Furthermore, around 34500 and 35100 should try to contain the price within. If the price breaks these levels then we may see some further upside gains.

For any reason the currently seen strength fades out, it could easily test previous week low 31900 level once it breaks 32500 level.

In the given image, H4 chart, there is an early trend line holding for now. We've got to see how it holds.

According to different news sources, In India, traditionally the biggest source of Gold demand, imports could rise to more than 180 tons over the course of Second Quarter, a 20% jump on Q1, Bombay Bullion Association president Mohit Kamboj said Thursday.