Gold inside a continuation pattern – Analysis - 26/11/2015

Gold price last trading confined within a bearish pennant pattern that appears in the above chart, therefore, breaking its support at 1068 will activate the negative effect of this pattern, which will assist to push the price to achieve our targets that begin at 1050.00 and extend to 1000.00.

Therefore, we keep preferring the bearish trend that supported by the EMA50, pointing that stochastic current positivity might push the price to test the mentioned triangle resistance before it returns to decline, taking into consideration that the continuation of the bearish trend deepens on the stability below 1100.00 level.

Expected trading range for today is between 1050.00 support and 1100.00 resistance.

Expected trend for today: Bearish