Commodities

Gold price breaks the support – Analysis - 15-03-2019

2019-03-15 04:54:15 GMT (Economies.com)

Gold price ended yesterday’s trading below 1302.60 level, which hints the price head to return to the correctional bearish track again, but we notice that stochastic provides clear positive signals now, and the price begins to provide positive trades by today’s opening and attempts to rise again.

 

Therefore, we prefer staying aside temporarily until the price confirms its situation according to 1302.60 level, noting that failing to breach it will put the price under the correctional bearish pressure that its targets begin at 1275.30, while breaching it and holding above it will push the price back to the main bullish trend again, targeting 1320.00 followed by 1346.70 levels as next main stations.

 

The expected trading range for today is between 1285.00 support and 1320.00 resistance.

 

The expected trend for today: Neutral

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