Gold Analysis: Declines to 1,220.00

Gold

The previously discovered descending channel pattern has been fully confirmed. Gold price has declined after encountering the patterns resistance line and declined down to the 1,220.00 level.  

The commodity price has reached the support of the 50.00% Fibonacci retracement level at 1,220.00. It is expected that the metal will eventually pass the support of the Fibo, as it is expected to reach the lower trend line of the channel down pattern. 

Although, there is not much to gain there, as the lower trend line of the pattern is located at the lowest at the 1,217.00 level.

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