Gold collects gains – Technical Analysis – 06-10-2015

Gold price declined yesterday gaining the previous day’s profits, gathering positive momentum that assist it to rise again, with continuous positive pressure that comes from the SMA50, besides positive signals that come from stochastic, moving within a short term descending channel.

Our positive outlook continues on Gold, to rise in the upcoming period targeting 1153.00 resistance, reminding you that we need to stay neutral when reaching this level waiting to detect the next trend clearly, expecting bearish rebound as long as the price is below this level.