Gold is Retesting The Resistance

Gold prices witnessed positive, but still limited movements aimed at retesting the pivotal resistance level published during the reports of this month at 1768, and it is still stable below it so far.

Today’s technical vision indicates the possibility of resuming the decline, relying on price stability below 1768 represented by the 61.80% Fibonacci correction, and most importantly 1770, as we notice the negativity signs that continue to dominate the stochastic indicator on the 4-hour time frame.

Therefore, we maintain our negative expectations, knowing that trading below 1751 facilitates the task required to visit 1741 and 1735 respectively, waiting for stations, and it must be noted that breaking 1735 increases and accelerates the strength of the bearish trend so that the road is directly open towards 1700 initially.

Skipping upwards and stability of the price above 1770 leads gold to a temporary bullish path targeting 1780 before attempts to decline again.

S1: 1751.00	R1: 1768.00
S2: 1741.00	R2: 1779.00
S3: 1735.00	R3:  1789.00