Gold breaks the channel’s support 18/04/2013

Gold price achieved a break below the bullish channel support that explained yesterday activating the bearish scenario, but it recorded a bottom level at 1339.60 higher than the last recorded bottom at 1321.45, which puts a possibility for witnessing a positive turn in the intraday trend.

Therefore, we are forced to stop the bearish move expectations now, where monitoring the price behavior according to the critical levels between 1339.00 support and 1384.00 resistance is required, as it will provide us the keys for the next intraday trend.

Expected trading range for today is between: 1300.00 support and 1410.00 resistance.

Expected trend for today: depends on the abovementioned levels