Gold price approaches the target – Analysis - 12-04-2021

Gold price approached our waited positive target at 1765.00 and bounced bearishly to test the EMA50, showing slight bias now to head towards new test to the key support 1731.00, which urges caution from the upcoming trading, as breaking this level will turn the intraday trend downwards.

Until now, we will continue to suggest the bullish trend for the upcoming period unless breaking 1731.00 and holding below it, noting that the EMA50 and stochastic support the expected rise, waiting to test 1765.00 initially, which breaching it represents the key to rally to achieving additional gains that reach 1800.00 followed by 1838.00.

The expected trading range for today is between 1727.00 support and 1760.00 resistance.

The expected trend for today: Bullish