Gold is facing negative overview for today – Technical Analysis – 16-10-2015

Gold price moves within ascending channel on the short term basis, supported by the positive pressure that comes from the moving average 50, while it touched this channel’s resistance recently, which forced it to bounce lower attempting to retrace the main bullish trend, also, seeking new higher low that supports this trend, while it seems that the price is heading towards this channel’s support, accompanied by negative signals coming from stochastic that appear on chart.

Therefore, we expect Gold price to decline for today, targeting 1167.00 level, while we need to stay there waiting to monitor the price behavior according to this level, as we expect bouncing upwards to rise gain.