Midday update for Gold 17-04-2019

Gold price approaches retesting the broken neckline of the triple top pattern that forms key resistance now at 1282.00, and as long as the price is below this level, the negative pressure will remain dominant in the upcoming sessions, supported by the EMA50, waiting to surpass 1275.30 level to confirm extending the bearish wave towards 1253.20 as a next station.

On the other hand, we should note that breaching 1282.00 will stop the expected decline temporarily to push the price towards visiting 1302.60 level before any new negative attempt.

The expected trading range for today is between 1260.00 support and 1285.00 resistance.

The expected trend for today: Bearish