Gold price surpasses the support – Analysis - 18-04-2019

Gold price succeeded to confirm breaking 1275.30 level after closing the daily candlestick below it, which supports the continuation of our bearish overview efficiently in the upcoming period, paving the way to head towards 1253.20 followed by 1231.13 levels as next main targets.

Note that the expected decline is affected by the completion of the triple top pattern that its signs appear on the chart, and the price falls under continuous negative pressure coming by the EMA50, taking into consideration that breaching 1275.30 followed by 1282.00 levels will push the price to test 1302.60 level again before any new attempt to decline.

The expected trading range for today is between 1253.20 support and 1282.00 resistance.

The expected trend for today: Bearish