Gold breaks the ascending channel’s support – Technical Analysis – 22-10-2015

Gold price declined on the intraday basis to break the ascending channel’s support that carried the short term trading, to face negative pressure that led the price for more decline, surpassing the moving average 50, accompanied by breaking 1166.50 key support mentioned in our previous reports, signaling a change at the bullish trend and turn to enter a bearish correctional wave.

Therefore, we expect Gold price to decline in the coming periods, targeting 1156.00 support as a first main target.