Gold hints more rise – Technical Analysis – 07-10-2015

Gold price jumped upwards yesterday, supported by the positive moving average 50, breaching 1136.55 resistance that represents 38.2% Fibonacci for the short term bearish wave measured from 1232.25 to 1077.40, which provided the price with positive momentum that assisted it to breach the bearish trend line.

Therefore, we expect more rise in the upcoming sessions, targeting 1154.83 resistance initially, which represents 50% Fibonacci level.