Gold suffers more losses – Analysis - 03/11/2014

Gold price declined strongly to confirm heading towards our next main target at 1155.00, as the price is affected by the negative pressure coming from the double top pattern that appears on the above chart, which hints that the price is on the way for more negative trading on the longer term.

It’s important to monitor the price when reaching the suggested target, as breaking it will push the price to target 1100.00 areas mainly, while breaching 1183.00 followed by 1196.00 levels will motivate the price to retest the previously broken key support that turns into resistance at 1240.50.

Expected trading range for today is between: 1155.00 support and 1183.00 resistance.

Expected trend for today: Bearish