Gold price draws the negative pattern – Analysis - 05-04-2019

Gold price completed forming double top pattern after the decline that it witnessed yesterday, and it returns to move around 1290.00 level, noticing that the EMA50 forms continuous negative pressure against the price, while stochastic loses its positive momentum clearly.

Therefore, we believe that the chances are valid to trade negatively in the upcoming sessions, waiting to test 1275.30 level initially, noting that the completion of the mentioned negative pattern will push the price to achieve more negative targets that extend to 1253.20 followed by 1231.10 on the near term basis, while holding below 1302.60 represents key condition to continue the expected decline.

The expected trading range for today is between 1270.00 support and 1302.60 resistance.

The expected trend for today: Bearish