Gold builds negative formation – Technical Analysis – 12-11-2015

Gold price declined recently falling under the negative pressure of the moving average 50, hinting to form negative pattern that completes the main short term bearish trend, which is the descending triangle that appears on chart, touching the moving average resistance now, besides having negative signals that appear on stochastic.

Therefore, we expect Gold price to decline in the coming period especially after breaking 1085.35 support, which represents the confirmation line of the negative pattern, targeting 1074.00 support level.