Gold breaks the support – Analysis - 29-03-2017

Gold price ended yesterday’s trading below the intraday bullish channel’s support and below 1250.00 level, which puts the price under negative pressure that we expect to push the trading to test 1231.13 level before it returns to resume the main bullish trend, where the price remains within the main bullish channel that appears in the image.

Therefore, the bearish bias will be preferred in the upcoming sessions, pointing that this decline is temporarily, waiting for resuming the bullish trend, while breaching 1257.80 level represents the stopping key for the current negative pressure and rally to the upside again.

Expected trading range for today is between 1231.00 support and 1257.80 resistance.

Expected trend for today: Bearish temporarily