Gold retests – Analysis - 24/04/2015

Gold price retested the previously broken support line of the bullish channel as appears on chart, and the price is affected by stochastic and the EMA50 negativity to find difficulty to continue rising, which keeps the price inside the sideways range that its lines represented by 1181.00 support and 1205.00 resistance.

Therefore, we are still expecting the continuation of the sideways trading between the above mentioned levels in the upcoming period, reminding you that breaching this range’s resistance will push the price to achieve gains that start at 1225.00 then 1244.00, while breaking the support will push the price to visit the previously recorded low at 1142.60 mainly.

Expected trading range for today is between 1170.00 support and 1220.00 resistance.

Expected trend for today: Sideways