Gold breaks ascending channel’s support – Technical Analysis – 05-11-2015

Gold price declined recently pushed by the main bearish trend on the short term and medium term basis, trading below the moving average 50, to break the bullish correctional channel that carried the short term trading, adding more negative pressures on the coming trading, and approaching from 1104.00 support.

Therefore, in case breaking 1104.00 support, we expect more decline to target 1084.00 level.