Gold begins positively – Analysis - 04/05/2015

Gold price opens this week’s trading positively to move above the key support 1181.00 again, thus, last Friday’s break wasn’t confirmed due to the financial markets’ holidays mentioned in our last technical update, which turns the price back to the highlighted sideways range.

Therefore, the sideways trading will remain dominant on the intraday basis between 1181.00 support and 1205.00 resistance until the price manages to breach one of them, reminding you that breaking this support will push the price to suffer losses that reach 1142.60 mainly, while breaching the resistance will allow the price to achieve positive targets that start at 1225.00 then 1244.00 initially.

Expected trading range for today is between 1160.00 support and 1205.00 resistance.

Expected trend for today: Sideways