Gold attempts negatively – Analysis - 27/11/2015

Gold price begins the attempts to break the bearish pennant pattern that appears on chart, which reinforces our expectations of continuing the bearish trend, which is organized inside the main bearish channel that appears on image, getting continuous support by the EMA50, besides the negativity offered by stochastic.

Therefore, we believe that the chances are valid to head towards 1050.00 followed by 1000.00 levels as next main targets, noting that holding below 1100.00 level represents key condition to achieve the suggested targets.

Expected trading range for today is between 1040.00 support and 1090.00 resistance.

Expected trend for today: Bearish