Gold breaks bullish trend line – Technical Analysis – 29-10-2015

Gold price declined recently to break the moving average 50, which puts the price under negative pressure, accompanied by breaking the short term bullish trend line, which adds more negative pressures, to continue declining towards 1154.00 support, which allowed it to get some positive momentum that pushed it to show some bullish rebound attempting to recover some of its losses, along with the continuation of the negative pressure and the negative signals coming from the relative strength index indicators.

Therefore, we expect gold price to decline today, especially after breaking 1154.00 support.