Gold consolidates – Technical Analysis – 09-10-2015

Gold price closed bearishly yesterday, yesterday, to lean on the key support 1136.55, which represents 38.2% Fibonacci level for the short term bearish wave measured from 1232.25 to 1077.40, with more positive pressure that comes from the moving average 50, which allow the price to gather positive momentum that assisted the price to rebound upwards now.

Therefore, we continue with our positive expectations for the coming trading, targeting 1154.83 critical resistance, conditioned by keeping stability above 1136.55 support.