Gold Faces Obstacles on Its Way Up

Gold prices succeeded in touching the first required target in the last trading sessions of last week at 1847 within the upward correction move within the downside.

Technically, given at the 60-minute interval chart, we find the resistance level of 1847 that represents an obstacle for the price to complete the upward correction and RSI that has started to gain bearish momentum.

Hence, the stability of intraday trading below 1847 increases the possibility of negative moves in the coming hours with the aim of re-testing 1828, bearing in mind that confirming a break of 1828 puts the price under negative pressure and paves the way directly towards 181 and may extend to 1810.

In the upside, raising above 1848 leads gold to complete the bullish correction with the aim of re-testing the previously broken support level, which is now converted to the 1857/1860 resistance, which represents the key to protecting the downside.

S1: 1829.00	R1: 1848.00
S2: 1819.00	R2: 1857.00
S3: 1810.00	R3: 1868.00