Gold price breaches the resistance – Analysis - 11-04-2019

Gold price settles above 1302.60 level, but we notice that there’s resistance line presses negatively on the price, to keep the chances of forming the triple top pattern valid, and the price needs to trade below 1302.60 again to resume the correctional bearish wave.

Stochastic shows negative signals now, which forms negative motive that we expect to push the price to decline in the upcoming sessions, thus, we believe that the chances are valid to resume the bearish bias today, which its next main target located at 1275.30, while achieving it conditions breaking 1302.60 level besides holding below 1312.00.

The expected trading range for today is between 1280.00 support and 1315.00 resistance.

The expected trend for today: Bearish