Gold attempts to rise again – Technical Analysis – 26-10-2015

Gold price moves within tight range recently around 1164.82 level, which represents 38.2% Fibonacci of the medium term bearish wave from 1306.83 to 1077.04, with more positive pressure from the moving average 50, besides the relative strength indexes reach to the oversold levels, which is considered as good positive signals.

Therefore, we expect gold price to rise in the coming trading, especially after settling above 1164.82, to target 1191.93 level again.