Gold technical analysis for November 12, 2015

The gold price remains in a bearish trend, but just above the 2015 lows at $1,077. The short-term sideways move continues forming a bearish flag.

Red lines - trading range/ flag pattern

The gold price remains below the Ichimoku cloud and inside the trading range. The resistance is at $1,107; and support, at $1,083. Breaking the resistance will push the price towards $1,120. Breaking the support will push the price towards $1,060-50. The bearish scenario has more chances.

The weekly chart remains bearish as we are at the final stages of the decline from $1,190. This decline is expected to be concluded with a new low below $1,077. However, I do not expect a big sell-off despite new lows that will be seen. My longer-term outlook is bullish, but there is no confirmation or a reversal signal yet.The material has been provided by InstaForex Company - www.instaforex.com