Gold Daily Forecast and Technical Analysis for April 24, by Bruce Powers, #CMT, #FXEmpire #gold
we did get a breakout above yesterday’s bullish Hammer of 2334 at today’s high at this time was 2337 but the question now is yesterday you see we closed above the 20 moving average but today we may close below it that is a minor bearish indication although even though we bounced strongly off the 50% retracement of this internal upswing it’s not clear yet that this is the retracement low until we have some upside movement a break below today’s low 2312 means that we could test this yesterday’s low 2291 or somewhere on the way down there uh still and if we close again below the 20 that increases a chance that we go test that go test lower support levels before this retracement is complete the next level being the 38% retracement at 2261 and of the larger full upswing and 61.8% of the internal upswing at 2255 on the upside it breakout above today’s high 2337 signals higher prices up to test resistance at the 8 period moving average around 2358
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