Gold is still facing negative pressure 9/3/2023

Limited attempts in gold prices to retest 1828, trying to compensate for its previous losses, after it recorded its lowest level at $1809 per ounce.

Technically, and with a closer look at the 4-hour chart, we find that gold failed to maintain positive stability above 1828, the previously broken support, and now transformed into a pivotal resistance level represented by Fibonacci correction of 38.20%, accompanied by the continuation of the Simple Moving Averages by pressing the price from above. With momentum declining. Alert: Stochastic is trying to gain new momentum.

The daily trend is still bearish, targeting 1800 and 1795 as preliminary targets, noting that the next official target for the bearish correction is around 1787, a correction of 50.0%, and the price behavior of gold should be monitored around this level due to its importance to the general trend in the short term, because breaking the mentioned level increases and accelerates the strength of the bearish trend. Opening the door to visit 1781 in principle, and the descending goals may extend towards 1753.

As a reminder, the return of trading stability again above 1828 postpones the chances of a decline, and we may witness a retest of 1840.

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: 1795.00	R1: 1828.00
S2: 1788.00	R2: 1840.00
S3: 1781.00	R3:  1854.00