Gold Suffered Heavy Losses

Gold prices incurred heavy losses within the expected bearish context during the last analysis, surpassing the official target of the downside at 1825, to record its lowest level at 1767.

Technically, and by looking at the 240-minute chart, we see yellow metal has found a good support floor around 1768 represented by the 61.80% Fibonacci correction, which would limit the bearish corrective bias.

On the other hand, the simple moving averages continue to pressure the price from above, and this comes in conjunction with the clear negative signs on the RSI.

Contrasting technical signals force, us to stand aside in order to maintain the profitability rates that were achieved during the current week, so we are facing one of the following scenarios:

To continue the bearish correction tendency, we need to witness a clear and strong break of the pivotal support level 1768, correction of 61.80%, and this increase and accelerates the strength of the bearish bias, with the first target of 1759, and then 1734.

In the event that gold succeeded in building on the aforementioned support and succeeded in surpassing the upside to the 1800 resistance level from here, we may witness bullish correction attempts targeting 1810 and 1825 respectively. Note: the level of risk is high.

S1: 1759.00	R1: 1817.00
S2: 1734.00	R2: 1850.00
S3: 1700.00	R3: 1875.00