Gold price confirms the breach – Analysis - 07-04-2020

Gold price managed to confirm breaching 1644.20 level after closing the daily candlestick above it, which supports the continuation of the bullish trend scenario efficiently on the intraday and short term basis, on its way to head towards the recently recorded top at 1703.25 as a next main target.

Therefore, we are waiting for more rise in the upcoming sessions supported by the EMA50, noting that breaking 1644.20 will put the price under intraday negative pressure that targets testing 1607.70 level initially before any new attempt to rise.

The expected trading range for today is between 1645.00 support and 1690.00 resistance.

The expected trend for today: Bullish