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Gold at the moving average 07/03/2013
Gold price visits now EMA50 at 1586.00, accompanied with Stochastic entering the overbought levels, and that encourages us to continue in our bearish trend expectations, which remains active on the intraday basis if the price settled below the mentioned level.
The initial target is represented by testing the strength of 1569.00, where breaking it will open the way for heading towards 1555.00, pointing that breaching above 1586.00 will turn the intraday track to visit 1610.00 and might extend to reach 1625.00.
Expected trading range for today is between: 1555.00 support and 1600.00 resistance.
Expected trend for today: Bearish
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