Gold under Selling Pressure

We kept our intraday neutrality of the previous analysis due to the conflicting technical signals, indicating that to resume the bearish trend, we need to see a break of 1717, targeting 1700, recording its lowest level during early trading for the current session at 1707.

Technically speaking today, and by looking at the chart, we find that the RSI index continues to obtain a stable bearish momentum below the midline of 50, accompanied by the negative pressure of the 50-day moving average, which meets around the resistance level of 1746 and adds more momentum to it.

Therefore, the bearish bias is likely today, targeting 1700 and 1694 respectively, and losses may extend to 1688. Activating the bearish scenario requires stability in trading 1746.

S1: 1694.00	R1: 1746.00
S2: 1674.00	R2: 1778.00
S3: 1672.00	R3: 1798.00