Gold attacks the psychological barrier – Analysis - 16/04/2014

Gold price declined strongly yesterday attacking 1300.00, providing signals for a potential negative pressure that might push the price towards 1250.00 mainly, but we notice that the daily candlestick close was above 1300.00, which makes us prefer staying aside before confirming the next trend, waiting for monitoring the price behavior according to 1294.00 support and 1309.00 resistance, where breaking the mentioned support will push the price to 1250.00, while breaching the resistance will allow the price to regain its bullish track again, and targets begin by breaching 1320.00 to head towards 1350.00 then 1400.00.

Expected trading range for today is between: 1280.00 support and 1325.00 resistance.

Expected trend for today: Bullish