Gold price succeeds to break – Analysis - 12-04-2019

Gold price managed to confirm breaking 1302.60 level after ending yesterday’s trading below it, to reinforce the expectations of continuing the domination of the bearish trend on the intraday basis, waiting to visit 1275.30 level that represents 38.2% Fibonacci correction level for the bullish wave that appears on the chart.

We remind you that the triple top formation still valid, which means that its completion will press on the price to extend the bearish wave towards 1253.20 followed by 1231.13 areas on the short term basis, taking into consideration that the continuation of the expected bearish trend conditions holding below 1302.60 and the most important below 1311.00.

The expected trading range for today is between 1275.00 support and 1305.00 resistance.

The expected trend for today: Bearish