Gold analysis Wednesday, April 21

On the global gold ion weekly chart, XAUUSD is still below the resistance line and the long-term moving average at $ 1785. If the weekly ounce chart of the world gold is closed below this resistance, one can expect the price of the ounce gold to fall to the support of $ 1687. In the daily chart of the global gold ounce, we see a situation similar to the situation of the daily chart. If the global gold ounce crosses the $ 1785 resistance level, the next target of the resistance market will be $ 1855. In the four-hour chart of global gold ounces, the short-term market trend is declining and the price of global gold ounces may fall to $ 1760. But the break of the $ 1785 resistance will pave the way for the market to rise to the next resistance at $ 1805.

Trading strategy

The $ 1785 resistance will determine the next direction of the market. The failure of this resistance will change the market trend upwards. But if it can maintain its position, the market will fall to lower support.