Gold turns losses into profits – Technical Analysis – 14-10-2015

Gold price rallied upwards yesterday and today’s open, after yesterday’s decline that leaned on 1154.83 key support, which allowed it to gather positive momentum that assisted it to rise and cover the recent losses and turn them into gains, while it continued to rise to stop and test 1173.10 resistance, which represents 61.8% Fibonacci level, hinting to form negative harmonic formation represented by Gartley pattern, moving within the fourth and last wave of this pattern.

Therefore, we expect more rise in the coming periods, targeting 1195.71 key resistance, and we recommend staying aside after reaching this level, to monitor the price behavior according to it.