Gold continues to seek a higher low – Technical Analysis – 20-10-2015

Gold price continued to decline on the intraday basis to reach the moving average 50 that we are waiting to assist it to gather positive momentum and keep the short term bullish trend, approaching from 1166.50 key support, within its attempts to seek a higher low that could push the price to rally upwards again, accompanied by positive divergence formed by stochastic now.

Therefore, we expect to witness positive trading again, conditioned by the price stability above 1166.50, and our next target is 1177.00.