Gold in minor bullish track 17/04/2013

Economies.com
2013-04-17 05:39AM UTC

Gold price achieved part of the waited positivity, touching 1400.00 level, but couldn’t settle above it, as it found good resistance for the minor upside channel shown in the image, this channel might form a bearish continuous flag pattern in case the price succeeded to break its support at 1368.00

 

For today, we will wait surpassing one of the key levels between the mentioned support and 1398.00 resistance, to confirm the next trend, as a breach above this resistance will motivate the price for more recovery, while breaking below the support will lead for more losses in the upcoming period.

 

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

 

Expected trend for today: depends on the abovementioned levels

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