FX.co ★ Daily analysis of GOLD for April 06, 2016

Overview

Gold price shows some bearish bias after hitting the bearish channel resistance that appears in the image, to trade below 1.227.40 level now. This supports the continuation of our bearish trend. We are waiting for visiting 1193.00 level mainly. Therefore, the bearish bias will remain the dominant in the upcoming sessions unless breaching 1234.40 level and holding above it.

The expected trading range for today is between 1200.00 support and 1245.00 resistance.