Gold price reaches the neckline – Analysis - 16-04-2019

Gold price fluctuates near the nickline of the triple top pattern that its lines appear in the above chart, and the price is under negative pressure that comes from the EMA50, while stochastic loses its positive momentum gradually.

Therefore, these factors encourage us to keep preferring the bearish trend on the intraday and short term basis, pointing that our target is located at 1275.30, while the above mentioned pattern supports the extension of the bearish wave to reach 1253.20 then 1231.13 levels, taking into consideration that the continuation of the expected bearish wave depends on the stability below 1302.60 and 1307.80 levels.

The expected trading range for today is between 1270.00 support and 1295.00 resistance.

The expected trend for today: Bearish