Gold below the support – Analysis - 05/03/2015

Gold price closed the daily candlestick below 1205.00 level, which open the way towards the negative trading on the intraday basis, to target 1181.00 level in the upcoming period, pointing that the EMA50 forms negative pressure that supports the suggested decline.

Stochastic shows positive signals now that might push the price to provide positive attempts, and we should be aware that breaching 1205.00 level will stop the negative scenario and pushes gold price to test 1224.60 resistance, and breaching it represents a positive key that will push the price to visit levels begin at 1244.00 then 1268.00.

Expected trading range for today is between: 1181.00 support and 1220.00 resistance.

Expected trend for today: Bearish