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2/18/2016 2:15:45 AM

Gold forms a negative pattern - Technical Analysis - 18-02-2016

Gold prices kept sliding in the intraday levels, settling below the resistance of 1,209.38, which represents the ratio 38.2% of Fibonacci retracement levels for an ascending wave in the short term (from 1,122.22 to 1,263.26), with an influx of negative signals from relative power indicators, with ongoing negative pressure from the SMA for the last 50 hours period, hinting at a forming negative technical pattern that is complimentary to the correctional downward short-term trend, the Symmetrical Triangle pattern, as shown in the attached chart.  

Therefore we expect more tumbles for the precious metal, especially if it broke through the support of that forming technical pattern, targeting thereafter the support of 1,176.10, representing the ratio 61.8% of the same retracement levels mentioned earlier.



Trend Bearish