Gold with positive outlook – Technical Analysis – 13-10-2015

Gold price closed a bit rising yesterday, amid the continuation of the positive pressure of the moving average 50, though today’s opening witnessed clear decline among a sell-off caused by selling power that aims to gain the profits of the recent rise, consolidating above the key support 1154.83, which represents 50% Fibonacci level for the short term bearish wave from 1232.25 to 1077.40, to gather some positive momentum that will assist the price to rise again.

Therefore, we will continue to expect the rise on the short term basis, especially after settling above 1154.83, to target 1173.10 resistance that represents 61.8% Fibonacci level.