Gold price tests the resistance – Analysis - 09-04-2019

Gold price fluctuates near 1302.60 level and keeps its stability below it until now, which makes us keep our correctional bearish trend expectations, waiting to resume the decline that targets 1275.30 level mainly, which represents 38.2% Fibonacci correction level for the rise from 1159.70 to 1346.73.

We shoud note that breaching 1302.60 and holding above it will stop the suggested negative scenario and push the price to resume the main bullish trend, which has positive targets that begin at 1320.00 and extend to 1346.73.

The expected trading range for today is between 1280.00 support and 1310.00 resistance.

The expected trend for today: Bearish