Gold - Technical Analysis: Wednesday, 10/05/2017 04:58 GMT

Gold price managed to break 1222.42 level and closed the daily candlestick below it, to confirm the continuation of the correctional bearish trend and head towards the next target at 1204.26, which represents 50% Fibonacci correction level for the last bullish wave.

The negative effect of the head and shoulders' pattern still valid, noting that surpassing 1244.90 will push the price to attempt to return to the main bullish trend again.