Gold affected by the negative momentum – Analysis - 27/03/2015

Gold price traded with bearish bias yesterday after approaching from our extended main target at 1225.00, to move now below 1205.00 level, noticing that stochastic gains clear positive momentum approaching from the oversold levels, to support the chances of resuming the bullish trend again, which mainly depends on holding above 1181.00.

The EMA50 continues to offer the positive support to the bullish wave, reminding you that breaching 1225.00 level will push the price to achieve more positive targets that reach 1244.00.

Expected trading range for today is between: 1181.00 support and 1225.00 resistance.

Expected trend for today: Bullish