Gold gets a new higher low – Technical Analysis – 21-10-2015

Gold price rose recently after leaning on the moving average 50, which met the key support 1166.50, which allowed it to gather positive momentum assisted it to rise, keeping the main short term bullish trend, noticing that the relative strength indexes reach clear overbought areas as appears on stochastic.

Therefore, we will keep our positive outlook for the coming periods as long as the price is above 1166.50, targeting 1189.00 key resistance.