Gold jumps to the upside – Technical Analysis – 05-10-2015

Gold price rose supported by the SMA50, after leaning on the key support 1104.50, this rise comes within a descending channel that appears on chart, to approach from touching this channel’s resistance, accompanied by approaching the key resistance at 1153.00.

 

Therefore, we expect more correctional rise in the upcoming period that targets 1153.00, while we should stay aside when reaching this level, waiting to monitor the price behavior to detect the next trend, and we expect a return to decline as long as the price is below this level.