Gold prepares to decline again – Technical Analysis – 10-11-2015

Gold price closed positively yesterday attempting to recover some of the recent losses, while it remains stable below the key resistance 1094.00 mentioned in our previous report, moving within descending channel on the short term basis, pushed negatively by the moving average 50, besides relative strength indexes reach to the overbought levels and starting to offer negative signals from there.

Therefore, we expect the price to decline again in the coming trading as long as the price below 1094.00 resistance, to target 1087.00 support.