Gold - Technical Analysis: Monday, 06/03/2017 06:29 GMT

Gold price is testing the intraday descending channel's resistance, facing good resistance formed by the exponential moving average 100, which supports the continuation of the negative pressure caused by the completion of the rising wedge pattern, thus, we expect the continuation of the bearish trend in the coming period, waiting to test 1217.00 level initially.

Note that surpassing 1239.00 level and settling above it will put the price at the main bullish track again and opens the door to achieve gains that start at 1270.00 mainly.