Gold - Technical Analysis: Monday, 06/07/2015 08:37 GMT

Gold price failure to return above the previously broken bullish line pushed trading to decline within descending channel that appears on chart, hinting the continuation of the bearish bias in the upcoming period.

The exponential moving averages 50 and 100 put negative pressure on the price now, to support the continuation of the bearish trend inside the descending channel, besides that stochastic is clearly negative, reinforcing the chances of achieving negative targets on the near term basis.

The next target is located around 1140.00.