Gold breaches a descending channel’s resistance – Technical Analysis – 02-11-2015

Gold price rose recently on the intraday basis to manage to breach a descending channel’s resistance that carried the recent trading on the intraday and short term basis, along with the continuation of the negative pressure of the moving average 50, accompanied by stochastic positive signals that appear on the above chart, which makes us uncertain of the coming trading, despite that the intraday and short term outlook is positive.

Therefore, we expect the price to rise in the coming trading, to target 1147.40 resistance, accompanied by touching the moving average resistance, which breaching it will push the price to target 1153.30 resistance