Gold retests – Analysis - 28/04/2015

Gold price positive rally stopped yesterday at 1205.00 level, which represents the sideways range resistance - that dominates the recent trading -, meeting the retest level of the previously broken support of the bullish channel, therefore, there might be chances of slight bearish rebound in the upcoming sessions, and possible visit to the sideways range support at 1181.00.

Until now, the sideways trading scenario still valid on the intraday basis until the price manages to breach one of the above mentioned levels, reminding you that breaching the resistance will turn the price to the gains’ path that start at 1225.00 then 1244.00, while breaking the support will push the price to suffer losses that mainly start at 1142.60.

Expected trading range for today is between 1180.00 support and 1220.00 resistance.

Expected trend for today: Sideways