Gold exposed to negative pressure - Technical Analysis - 13-01-2016
Gold prices kept falling in the intraday levels trading, breaking the support of 1,092.41, which we talked about yesterday as representing the base of a negative technical pattern that formed previously in the short term, which is the Double Top pattern, with the prices then trespassing the simple moving average for the period 50, which exposed them to its negative pressure.
Therefore we expect more losses for the precious metal, as long as the resistance of 1,092.41 holds on, targeting thereafter the support of 1,076.40 as a price target for the forming technical pattern.
Trend
Bearish