XAU/USD Signal - April 24, 2013


By: DailyForex.com

The ounce of gold is bouncing back since several sessions due to its very strong downtrend those past weeks. Yet, the $1,440 level is blocking the technical bounce that is starting to show signs of weakness. In terms of technical indicators, the RSI is still evolving below its neutral zone while the MACD remains anchored in negative territory. In this context, investors will attempt a bearish trade with a stop loss placed above $1,440 to aim, at first, a return on the $1,320.
Direction: Down
Entry: $1,413
Stop-Loss: $1,460


Maxime Parra has been trading since the age of 18, and he is now in charge of technical and fundamental analysis at BNRY.com and Tmarkets.com. Fascinated by the psychology of financial markets and technical analysis, he is also the head of the “Fédération Sud Finance” and is preparing for the Degree of the Chartered Financial Analyst (CFA) level 1 at the SKEMA Business School. Maxime favors trend following strategies by combining chartist analysis with the use of technical indicators.