Gold Continues to Move Negatively Against The Dollar

Gold prices declined significantly during the last session, touching the official stations targeted during the previous analysis at 1768 and then 1757, recording the lowest price of 1757.

The technical picture indicates the possibility of continuing the decline, based on the price stability below the 50-day moving average, which still constitutes an obstacle to the price near 1790 and adds more strength to it, in addition to the stability of trading below the pivotal resistance level at 1799 price represented by the 50% Fibonacci corrections. as shown on the chart

Therefore, the bearish tendency is likely today, provided that we witness stability again below 1768, 61.80% correction, and that makes it easier to complete the descending path with the target of 1758 and 1743, respectively, knowing that the official target of the current downside wave is around 1735.

Activating the bearish scenario depends on the stability of intraday trading below 1791, and in general, below 1799.

Note: The RSI is trying to provide positive signals in short intervals.
Note: the risk level may be high today.

S1: 1758.00	R1: 1791.00
S2: 1743.00	R2: 1799.00
S3: 1735.00	R3:  1808.00