Gold tests the channel’s support – Analysis - 03/09/2015

Gold price shows some slight bearish bias to move at the intraday bullish channel’s support that appears in the image, accompanied by stochastic reach to the oversold levels, which adds more strength to the current support levels.

In general, the price remains confined between the confirmation levels that represented by 1126.25 support and the bearish channel’s resistance that declines now to 1155.00, and the price needs to breach one of these levels to detect its next targets clearly, which keeps our neutral attitude valid until now, reminding you that breaking the mentioned support will push the price to resume the main bearish bias and visit 1115.95 then 1100.00 levels initially, while breaching the resistance represents positive factor that will lead the price to achieve gains that its main targets begin at 1200.00 then 1230.00.

Expected trading range for today is between 1115.00 support and 1155.00 resistance.

Expected trend for today: Depends on the above mentioned levels