Gold shows more decline – Technical Analysis – 18-11-2015

Gold price continued to decline recently dominated by trading within medium term bearish trend, after exiting the correctional bullish channel, pushed negatively by the moving average 50, settling below 1083.00 resistance, to reach 1064.00 support level mentioned in our previous report, noticing a negative divergence formed by stochastic.

Therefore, we expect more decline for Gold especially after breaking 1064.00 support, targeting 1045.00 level.