GOLD: trade ideas and technical levels
Gold price remains stuck in the narrow 1229.0 - 1339.0 range on Monday, April 18. According to our main scenario, the yellow metal will likely develop more upside in the coming sessions. Capital flight to uncertainty will likely support gold prices as the oil producers meeting in Doha failed to bring any results.
Technically, the price holds above the former bearish trend resistance on the H4 chart. Break above the 1239.50 resistance (local high and 38.2% Fibonacci from the April decline) would open the way to 1244.00 amd 1248.0.
However, there is still a risk for more downside to be developped. This scenario could become true in case of a break below the daily low of 1129.9. Next target to go short lies at 1223.