Gold - Technical Analysis: Thursday, 11/05/2017 05:05 GMT

Gold price keeps its stability below 38.2% Fibonacci correction level at 1222.42, to keep the correctional bearish pressure valid, waiting to visit 1204.26 level as a next correctional target, which breaking it represents negative factor that will extend the decline to reach 1186.09.

The negative effect of the head and shoulders' pattern still valid, to support the continuation of the expected decline, while the expected bearish trend will remain valid unless the price rallied to surpass 1244.90 level and settle above it.