Gold is still below resistance 9/5/2022

Gold prices succeeded in touching the official target mentioned in the last analysis at 1866, recording its lowest level at 1866, after the pivotal resistance level of 1890 managed to limit the attempts to rise.

On the technical side, today, we tend to the negativity in our trading, relying on the stability of trading below 1890, represented by the 61.80% Fibonacci correction as shown on the chart and the negative signals coming from the stochastic indicator.

Therefore, the possibility of continuing the decline is still valid, knowing that the drop below the support floor 1866 increases the strength of the bearish tendency, opening the door to 1854 and 1850 as long as the price is stable below 1890 and most importantly 1894.

Trading above 1894 may push gold prices to a temporary recovery to retest 1906. However, we generally continue to suggest the bearish intraday direction unless we witness any trading above 1925, 50.0% correction.

Note: Trading on CFDs involves risks. Therefore, all scenarios may be possible. This article is not a recommendation to buy or sell but rather an explanatory reading of the price movement on the chart.

S1: 1869.00	R1: 1894.00
S2: 1854.00	R2: 1906.00
S3: 1842.00	R3:  1920.00