Gold within unclear area – Technical Analysis – 23-10-2015

Gold price trades within sideways range recently, falling under the negative pressure of the moving average 50, along with the rise of stochastic indicator to the overbought areas, amid of the affection of breaking the ascending channel’s support line that carried the short term trading as appears on the chart, despite the price stability above the key support 1166.00.

Therefore, we expect to witness more decline in the coming periods, especially after breaking 1166.00 support level and settling below it, targeting 1156.00 level as a next target.