Gold earns – Technical Analysis – 08-10-2015

Gold price declined at the end of yesterday’s trading, which showed some volatility to reap its previous rise, attempting to gather positive momentum that assist it to achieve more gains, accompanied by the continuous positive pressure from the moving average 50 and settling above 1136.55 key support, this level represents 38.2% Fibonacci for the bearish wave from 1232.25 to 1077.40.

Therefore, we expect the price to rise as long as 1136.55 support remains intact, targeting 1154.83 key resistance.