Gold ends the rising hopes – Technical Analysis – 17-11-2015

Gold price turned its gains into losses at the of yesterday’s trading, after touching 1097.97 level, bouncing bearishly and fall under the negative pressure of the moving average 50, affected by exiting the correctional ascending channel that carried the long term trading, settling below 1083.00 key support and closing below it, noticing the relative strength indexes reach to the overbought areas.

Thus, we expect more decline for gold in the coming trading as long as the price is below 1083.00, targeting 1064.00 support as a first main support.