Gold achieves strong gains 08/04/2013

Gold price rallied higher sharply surpassing 1577.00 and settling above it, which forms a positive factor that provides a possibility for achieving more upside moves.

But now we need to stay aside temporarily in order to monitor the price behavior according to the EMA50 –currently at 1578.50-, where the stability above it will confirm more of the upside track towards 1603.00, while Stochastic is providing negative signals that might force the price to decline again.

Expected trading range for today is between: 1565.00 support and 1603.00 resistance.

Expected trend for today: Neutral