Gold breaks the support – Analysis - 04/09/2015

Gold price broke 1126.25 support line, which activates the negative scenario on the intraday and short term basis, opening the way to resume the main bearish trend organized inside the bearish channel that appears on chart.

Therefore, we are waiting to head towards areas that start at 1115.95 then 1100.00 initially, noting that the EMA50 supports the expected decline, which will remain valid and active unless breaching 1136.60 and the most important 1154.00 levels.

Expected trading range for today is between 1100.00 support and 1140.00 resistance.

Expected trend for today: Bearish