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3/10/2016 3:46:42 AM

Gold breaches a descending price channel's support - Technical Analysis - 10-03-2016



Gold prices fell in the intraday levels, breaking through the support of that ascending price channel that limited the metal's previous short term movements as shown in the attached chart, trespassing through the SMA50 and doubling the negative pressures, which led prices down farther, breaching the important support of 1,238.50, with an influx of negative signals from relative power indicators.

Therefore we expect more losses to come for the precious metal, targeting the support of 1,203.00.


Target
Risk


Support
Resistance


Trend Bearish

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