Gold is facing strong resistance 23/12/2022

Gold prices witnessed a bearish trend during the previous trading session, after it succeeded in touching the official target of the bullish wave around 1824, which formed a strong supply level that forced the price to decline, recording its lowest level of $1792 per ounce.

On the technical side, today, the simple moving averages returned to exert negative pressure on the price from above, and the 50-day average meets around the resistance level of the psychological barrier 1800, adding more strength to it, in addition to the stability of the momentum indicator below the midline 50.

We tend to be negative with intraday trading steadily below 1800, targeting 1782 as the first target, and breaking it puts the price under negative pressure to visit 1775 before attempts to rise again.

From above, consolidation above 1805, and most notably 1810, leads the price to complete the upward directional movement that started from establishing a solid support floor around 1764, to be waiting for 1824 and 1830.

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: 1782.00	R1: 1810.00
S2: 1773.00	R2: 1829.00
S3: 1754.00	R3:  1838.00