Gold price retests – Analysis - 22-04-2019

Gold price shows positive trades now to retest the previously broken neckline of the triple top pattern that appears on the chart, which forms key resistance at 1282.00, and as we mentioned in our recent reports, the price needs to settle below this level to keep the bearish trend scenario active for the upcoming period, as breaching it will push the price to visit 1302.60 level as a first positive target.

Stochastic enters the overbought areas now, while the EMA50 forms continuous negative pressure against the price, therefore, we believe that the chances are valid to resume the negative trades in the upcoming sessions, which target 1253.20 level as a next correctional station.

The expected trading range for today is between 1260.00 support and 1290.00 resistance.

The expected trend for today: Bearish