Gold struggles to rise again – Technical Analysis – 27-10-2015

Gold price continues to move around 1164.82 key support, which represents 38.2% Fibonacci level for the bearish wave from 1306.83 to 1077.04, attempting to form new ascending low that will push it to rise again, to keep the short term bullish trend, pushed by the moving average 50, besides the bottom that stochastic is forming now.

Therefore, we expect gold price to rise towards 1191.93 resistance again, conditioned by the price stability above 1164.82.