Gold Presses Support And Confirms The Break

We adhered to intraday neutrality for the second session in a row, explaining that although we tend to be positive, we prefer to confirm the breach of 1808, explaining that it represents the key to protecting the bullish trend.

Technically, today’s gold is witnessing stability below the mentioned resistance level. The price begins to press on the 1799 level, 50.0% Fibonacci correction, which is a strong price obstacle, coinciding with the RSI losing bullish momentum on the short time frames.

Therefore, the bearish bias is the most preferred during today’s session, but with caution, conditional on confirming the breach of 1790, and this facilitates the task required to visit 1782 and then 1774 in a row, and losses may extend later towards 1768, 61.80% correction.

To remind that activating the suggested bearish scenario depends on the price stability below 1808, and its breach will negate the bearish bias and gold will recover with initial targets starting at 1814 and extending towards 1820.

Note: the trend keys for today’s trading session are  1790/1788 and 1808.

S1: 1788.00	R1: 1804.00
S2: 1782.00	R2: 1814.00
S3: 1774.00	R3:  1820.00