Gold resumes decline - technical analysis - 15-12-2015

Gold resumed its decline in the intraday levels, which comes after flirting with a descending price channel's ceiling, the one that limited its movements in the short term, leading to negative pressure on prices with the presence of negative signals from relative power indicators like the Stochastic indicator below the attached chart, and coupled with the prices trading below the important resistance level of 1,073.00, with the dominance of the downward trend in the short term.

 

All these factors lead us to expect a continuance of decline for the precious metal, targeting the crucial support of 1,054.00.