Gold price tests the most important support – Analysis - 01-04-2020

Gold price decline stopped at the key support 1571.20, which represents the main bullish channel’s support line that meets 50% Fibonacci correction level, noticing that stochastic continues to provide the oversold signals, which provides positive chances to resume the main bullish trend in the upcoming sessions, waiting to test 1599.10 followed by 1633.60 levels initially.

Therefore, we suggest witnessing positive trades today, to keep the bullish trend scenario valid and active on the intraday and short term basis conditioned by the price stability above 1571.20.

The expected trading range for today is between 1570.00 support and 1610.00 resistance.

The expected trend for today: Bullish