Gold breaks the negative formation support – Technical Analysis – 13-11-2015

Gold price continued to decline on the intraday basis to break the descending triangle’s support line that was formed previously, pushing negatively on the main short term bearish trend, trading below the moving average 50, besides negative signals that appear on stochastic.

These factors make us expect more decline in the coming period, targeting 1063.70 support level, especially after breaking 1074.00 key support.