End of day analysis for Gold 04-01-2019

Gold price traded with clear negativity today to break 1286.70 level and settles below it, but we notice that the EMA50 forms solid support in attempt to protect the price from suffering more losses, noting that we need to monitor the upcoming trading according to 1275.00 support and 1286.70 resistance, as breaking this support will press the price to achieve more decline that its next target reaches 1262.50, while breaching the resistance will reactivate the bullish trend scenario that targets 1316.65 on the near term basis.