Gold under negative pressure 7/6/2022

Negative trading dominated gold prices during the first trading sessions of this week after it failed to maintain trading above the 1850 support level, explaining today that the attempt to break 1848 puts the price under negative pressure, with its target located around 1832 to be satisfied recording at law at 18,40.

The technical aspect today indicates the possibility of continuing the decline as a result of breaking the 1850 support level accompanied by the negative pressure coming from the 50-day moving average, which meets around 1850 and adds more strength to it, in addition to the decline of the bullish momentum on the short time intervals.

Therefore, the bearish tendency is more likely today, targeting 1832/1835 initial targets, and it should be noted that trading below 1830 extends gold’s losses, paving the way for a visit to 1818.

From the top, it has crossed up and rose again above 1850, and most importantly 1852 is leading gold towards retesting the pivotal resistance 1865/1863.

Note: The risk level may be high.

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: 1835.00	R1: 1852.00
S2: 1829.00	R2: 1863.00
S3: 1818.00	R3:  1870.00