FX.co ★ Daily analysis of GOLD for April 07, 2016

Overview

The gold price continues fluctuating near 1,227.40 levels close to the bearish correctional channel's resistance, keeping the chances for resuming the bearish correctional trend valid. The price is likely to get enough negative momentum to be pushed downwards. Therefore, our bearish trend expectations will remain valid and active in the upcoming sessions. The next target is located at 1,193.00. A breach of the 1,232.00 level will stop the expected decline and lead the price to an attempt to regain the bullish trend on the short-term basis.