Gold price gathers the positive momentum – Analysis - 15-04-2020

Gold price bounced bearishly after testing the minor bullish channel’s resistance line that appears on the chart, affected by stochastic negativity that we notice that its attempting to gather the positive momentum now, approaching the oversold areas, which supports the chances of resuming the main bullish trend, which its next target located at 1770.00.

Therefore, the bullish trend scenario will remain valid for the upcoming period supported by the EMA50, taking into consideration that breaking 1695.00 will press on the price to start correctional bearish wave on the intraday basis before turning back to rise again.

The expected trading range for today is between 1700.00 support and 1750.00 resistance.

The expected trend for today: Bullish