Gold touches goal 10/5/2022

Gold prices declined noticeably within the expected bearish path during the previous analysis, touching the official target at 1850, recording the lowest price of 1851.

Technically, and by looking at the 240-chart, we find limited positive attempts witnessed by the intraday movements due to hitting the support barrier represented by the target 1850. Still, trading is stable below 1880 and, in general, below 1890, represented by the 61.80% Fibonacci correction and the negative pressure From the 50-day simple moving average.

Therefore, we tend in our trading to the negative, knowing that trading below 1850 facilitates the task required to visit the next price station at 1832 as long as the price is stable below 1890.

Note: price behavior must be monitored well if 1890 is breached due to its importance to the general trend on the long run as it’s a catalyst that enhances the possibility of a temporary recovery for the 1915 visit.

Note: the risk level may be high today.

S1: 1847.00	R1: 1881.00
S2: 1832.00	R2: 1900.00
S3: 1813.00	R3:  1915.00