Gold at the main target’s threshold 16/04/2013

Gold price opens today’s trading with more strong negativity approaching from the first main target mentioned yesterday between 1310.00-1300.00, this level represents 50% Fibonacci for the whole bullish wave measured from 681.00 to 1920.00, while breaking it will provide a key for more downside correction towards the next target at 1158.00 – 61.8% Fibonacci-.

Now, we prefer to stay aside to confirm the next trend, as stochastic positivity might support the strength of the current levels and push the price for some recovery, while breaching above 1383.00 will motivate the price to visit 1448.00 levels.

Expected trading range for today is between: 1300.00 support and 1430.00 resistance.

Expected trend for today: Neutral