Gold Gold is uniform within the sideways trend 13/6/2023

Trading tended to negatively dominate the gold movements during the first trading sessions of this week. The sideways trend is still active and active, so the technical outlook remains unchanged. Over several consecutive sessions, we waited for the pending orders to be activated due to the sideways movements that dominated gold prices from below above 1945 and from highest without 1978.

Technically, gold prices witnessed a downward trend, but it is still limited, during which it recorded its lowest level in 1949. The continuation of conflict, leading technical signals makes us continue to monitor the price behaviour to obtain a high quality deal.

Although we tend to be negative, we continue to monitor the price behavior until the liberation 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% correction, to target 1927 and 1913, 61.80% correction, as official stations.

Closing the 4-hour candlestick above 1978, 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 the next station.

Note: Today we are awaiting high-impact economic data issued by the US economy “consumer price index” and from the United Kingdom “Bank of England governor’s speech” and we may witness high volatility at the time of the news release.

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