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5/9/2017 1:03:02 AM

Gold - Technical Analysis: Tuesday, 09/05/2017 05:03 GMT



Gold price is testing 38.2% Fibonacci correction level, and the price still below the short term ascending channel, while the effect of the head and shoulders' pattern still valid.

Therefore, the bearish trend will remain expected for the coming period, and breaking 1222.42 will confirm heading towards 1204.26 then 1186.09 levels, while surpassing 1244.90 barrier will allow the price to stop the current pressure and turn back to rise again.


Target
Risk


Support
Resistance


Trend Bearish

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