Gold Between Simple Corrections

Gold prices managed to touch the first bearish target mentioned in the previous technical report, at 1774, recording its lowest price of 1772, to return to the bullish rebound, taking advantage of the strong demand area.

The technical aspect today is as it is. Despite the temporary bullish bounce, gold prices are still moving within an unclear short direction, between minor corrections, 1768, 61.80% correction, and 1799, 50.0% correction.

The overbought signs contradict the positive motive of the 50-day moving average and the stability of the momentum indicator above the 50 mid-line. Therefore, we will stand aside and wait for the pending orders to be activated:-

Long positions require the breach of 1799, 50.0% correction, and most importantly 1800, and from here, gold recovers, heading directly to test the non-key top of 1812 and 1817.

Short positions require breaking 1768, Fibo 61.80%, which may extend gold’s losses, so we will wait to touch the 1734 buying areas.

S1: 1774.00	R1: 1794.00
S2: 1768.00	R2: 1800.00
S3: 1753.00	R3:  1812.00