Gold is Waiting For a Price Direction

The technical outlook is unchanged, and there was no significant change in gold’s movements for the third consecutive session, maintaining the same technical conditions within the short trend, with unclear targets so far.

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, between 1768, 61.80% correction, and from above below 1799, 50.0% correction.

The 14-day momentum indicator provides negative signals that coincide with the negative pressure of the simple moving averages. Therefore, despite the technical factors that support a bearish trend during the session, we prefer to wait until the following pending orders.

Activating long positions requires the breach of 1799, 50.0% correction, and most notably 1800, and from here, gold recovers, heading directly to test the non-key top of 1812 and 1817.

Activating short positions requires breaking 1768, retracement of 61.80%, which may extend gold’s losses, so we will wait to touch the 1734 buying areas.

S1: 1768.00	R1: 1785.00
S2: 1753.00	R2: 1793.00
S3: 1734.00	R3:  1800.00