Target: 1040.00
Risk: 1142.00
Technical Reasons:
Gold price remains under the negative pressure that come by the exponential moving averages 50 and 100, and the price is confined inside a symmetrical triangle’s pattern, while the continuation nature of this pattern supports continuing the bearish trend on the short term basis.
Breaking 1081.00 level will activate the mentioned pattern’s effect, to push the price to move towards 1040.00 followed by 1000.00 areas mainly, noting that stochastic is negative now, and supports the waited decline.
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Risk: 1142.00
Technical Reasons:
Gold price remains under the negative pressure that come by the exponential moving averages 50 and 100, and the price is confined inside a symmetrical triangle’s pattern, while the continuation nature of this pattern supports continuing the bearish trend on the short term basis.
Breaking 1081.00 level will activate the mentioned pattern’s effect, to push the price to move towards 1040.00 followed by 1000.00 areas mainly, noting that stochastic is negative now, and supports the waited decline.
www.fxhighway.com
www.facebook.com/fxhighwaycom/
twitter.com/
plus.google.com/1054...15961677289743/posts