Gold Still Looking For Confirmation

Gold prices hit the level of pivotal resistance mentioned in the previous technical, located at 1747, which forced gold to trade negatively, as the current moves witness the continued pressure on the 1723 support level.

Technically, and with a closer look at the 4-hour chart, we find the 50-day moving average is still an obstacle to the price, and it meets around 1734 and adds more strength to it, and this comes in conjunction with the RSI gaining bearish momentum on short intervals.

Therefore, we may witness a bearish tendency during today’s trading session targeting 1715 first target and then 1706 in succession, knowing that confirming the last break extends gold’s losses so that the way is directly open to visit the official target of the current downside wave 1691 Fibonacci 61.80% as shown on the chart Graphic.

Attention should be paid carefully and monitor the price in case the breach of 1740 and the most important 1747 is confirmed, because this is able to completely thwart the bearish scenario and lead the price to an upside corrective path, its initial target of 1756, and then 1765 of 50.0% retracement official station.

S1: 1715.00	R1: 1740.00
S2: 1706.00	R2: 1756.00
S3: 1691.00	R3: 1765.00