Gold - Technical Analysis: Friday, 03/03/2017 12:10 GMT

Gold price broke the bullish trend line and settled below it, to notice that the price completed forming rising wedge that appears on the chart below, which indicates that the negative pressure will dominate the coming trades, especially that the price moves inside the minor descending channel that carries the price since placing the recent high at 1263.87.

Thus, we expect to witness more decline on the intraday basis, the first main target is located at 1217.00, and breaking this level will push the price to 1180.00, while the price needs to surpass 1238.50 level to manage to return to the main bullish trend again.