Gold reaches strong support – Technical Analysis – 19-10-2015

Gold price declined to gain the last rise profits, also, trying to get a higher low to revive the bullish trend, while it continues to move within ascending channel that appears on chart, supported by the moving average 50, to reach this channel’s support, accompanied by the relative strength indexes reach to the oversold areas, waiting for positive trading in the coming periods.

Therefore, Gold price is expected to rise on the short term basis, conditioned by holding above 1169.00 support, targeting 1189.00 level again.