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$1,850 potential upside target: Gold price technical analysis

By Nathan Batchelor

09:32, 29 April 2020

Gold price technical analysis

Gold has been appearing increasingly bullish since last week, after bulls rallied the yellow-metal back towards the $1,930 technical area.

Gold price technical analysis shows that a bullish reversal pattern is highlighting the $1,930 level as potential upside target.

Gold medium-term price trend

Gold is starting to firm above the $1,700 technical area as the recent reversal from the $1,450 support level continues to gather pace.

Gold technical analysis over the medium-term shows that a huge bullish reversal pattern on the daily time frame is pointing to more gains.

Gold medium-term price trend

The daily time frame shows that a bullish inverted head and shoulders pattern has formed. The neckline of the pattern is located around the $1,690 level. 

According to the size of the pattern gold could rally towards the $1,930 level over the medium-term.

With this in mind, watch out for more medium-term gains while price trades above the $1,690 level.

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US100

17,937.50 Price
-0.290% 1D Chg, %
Long position overnight fee -0.0262%
Short position overnight fee 0.0040%
Overnight fee time 22:00 (UTC)
Spread 1.8

BTC/USD

64,704.00 Price
-4.380% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 106.00

Gold

2,156.24 Price
-0.310% 1D Chg, %
Long position overnight fee -0.0188%
Short position overnight fee 0.0106%
Overnight fee time 22:00 (UTC)
Spread 0.50

Oil - Crude

81.99 Price
-0.230% 1D Chg, %
Long position overnight fee 0.0269%
Short position overnight fee -0.0488%
Overnight fee time 22:00 (UTC)
Spread 0.030

Gold short-term price trend

Gold technical analysis shows that the yellow-metal has a short-term bullish bias while price trades above the $1,625 level.

The lower time frames are mimicking the higher time frames, and currently show that a large inverted head-and-shoulders pattern has recently formed.

Gold short-term price trend

According to the size of the pattern gold could rally towards the $1,850 level over the short-term. 

Bulls will trigger the bullish pattern into action if they can rally price above the $1,747 resistance level.

Key short-term technical support is found around the $1,690 and $1,660 levels.

Gold technical summary

Gold technical analysis shows that gold could rally towards the $1,930 level over the medium-term. Bullish patterns are present across various time frames.

Markets in this article

Gold
Gold
2156.24 USD
-6.74 -0.310%

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