On April 17, analysts at Economies.com have the latest opinion today: Spot gold prices confirmed a breakout of the support line of the bullish channel, and had previously closed below it, thus starting a bearish correction to the bullish wave that started from the 1809.35 area, testing 23.6 The % Fibonacci correction level of 1992.20, which the price needs to break to confirm a rally to the next correction level of 1957.30.
Therefore, with support below the EMA50, we expect negative trading over the next few sessions, with the caveat that a break above 2020.00 will stop the expected negative pressure and lead the price back to the main bullish trajectory again.
Today’s trading range is expected to be between 1980.00-2015.00.