Gold - Technical Analysis: Sunday, 10/07/2017 03:07 GMT

Gold price succeeded to reach our waited target at 1211.37, noticing that the price pushes on this level in attempt to break it, which indicates the price head to extend the correctional bearish wave towards 1191.52 areas that represents 61.8% Fibonacci correction for the rise from 1127.28 to 1295.46.

The minor descending channel supports the continuation of the expected decline, while surpassing 1231.21 will stop the expected negative pressure and push the price to return to rise again.