Gold - Technical Analysis: Tuesday, 08/09/2015 04:57 GMT

Gold price declined after testing the previously broken support of the bullish trend line, and it completes forming a double top pattern now with a neckline located at 1117.65, while breaking this level will support achieving more decline in the upcoming period, followed by heading towards the main expected target at 1070.00.

The exponential moving averages 50 and 100 continue to push negatively on the price, besides that stochastic shows clear negativity now, these factors support heading towards our main waited target.