Gold awaits the confirmation – Analysis - 17/04/2014
Gold price hovers around 1300.00 level since yesterday, and we are still waiting for a confirmation signal for the next trend on the intraday basis, which we get it by surpassing one of the next trend keys which are represented by 1294.00 support and 1309.00 resistance, and as we mentioned yesterday, breaching this resistance will push the price to resume its bullish track towards 1350.00 then 1400.00, while breaking the support will push gold price to test 1250.00 mainly.
Therefore, our neutral attitude remains valid until now, pointing that Stochastic and the EMA50 put a negative pressure that decelerates the last positive attempts to head to the upside.
Expected trading range for today is between: 1280.00 support and 1325.00 resistance.
Expected trend for today: Neutral
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