Gold trades within a descending price channel - Technical Analysis - 30-12-2015

Gold prices moved within a descending price channel in the intra-day levels and short term, with negative pressure from the simple moving average for the last 50 hours period; while noting the start of formation of a negative divergence in the Stochastic indicator as shown below the attached chart, giving an impression of how difficult it is for the precious metal to stage more advances in the coming trading, as long as it moves within that price channel

 

Therefore we expect gold to recede, targeting the support level of 1,066.00.