FX.co ★ Daily analysis of GOLD for April 13, 2016

Overview

The gold price has been trading sideways above the 1,250.00 barrier since yesterday. Stochastic gets rid of its negativity and reaches the oversold areas, offering the positive factor we expected to push the price to resume the short-term bullish trend. Therefore, there is a high chance of heading towards 1,282.92 followed by 1,300.00 levels as the first main targets. A break of the 1,227.40 level will stop the expected rise and push the price to test the 1,193.00 area before any new attempt to resume the bullish trend.

The expected trading range for today is between the 1,235.00 support and the 1,280.00 resistance.