Gold is still on a sideways path 9/6/2023

The technical outlook is unchanged, and for several consecutive sessions, we waited for the pending orders to be activated due to the sideways movements that dominated gold prices from below 1945 and from above below 1977.

Technically, there are positive attempts that supported gold prices to touch 1970 dollars, accompanied by the positive incentive of the simple moving averages that are trying to push the price to the upside, and this contradicts the clear negative signs on the stochastic indicator in addition to the stability of trading in general below the main resistance of 1977 Fibonacci correction 38.20 %.

We continue to monitor the price behavior until it is released from the sideways range, to be in front of one of the following scenarios:

To obtain a bearish trend, we need to witness a clear and strong break of the pivotal support of 1945, 50.0% retracement, to target 1927 and 1913 as official stations.

Closing the 4-hour candlestick above 1977, the main resistance, 38.20% correction, that leads gold prices to build a rising wave, with its initial target at 1987, and then $2000 as an upcoming station.

S1: 1945.00	R1: 1977.00
S2: 1927.00	R2: 1987.00
S3: 1913.00	R3:  2005.00