Gold pushes on the critical support – Analysis - 31/03/2015

Gold price begins today’s trading with more negativity to attempt to break the key support 1181.00, and as we mentioned in our previous reports, breaking this level will stop the expected intraday scenario and push the price to decline again, as the price is falling under negative pressure coming from the EMA50.

Therefore, we prefer staying aside temporarily in order to monitor the price behavior according to the mentioned level, and the next four hours’ candlestick close according to this level will offer clearer signal for the next trend for today, noting that breaching 1190.00 level will stop the current negative pressure and lead the price to regain its bullish bias.

Expected trading range for today is between: 1160.00 support and 1200.00 resistance.

Expected trend for today: Neutral