Gold achieves the bearish target 29/3/2022

Gold prices declined noticeably within the expected bearish path, touching the main target at 1925, recording its lowest level in 1917, after finding a solid level around 1960.

On the technical side, today, with the return of the simple moving averages, pressure on the price from above, supporting the bearish daily curve, accompanied by negative signs on the 14-day momentum indicator on the short time frames.

Therefore, we believe that there is a possibility to resume the decline, knowing that the drop below 1916 increases the strength of the daily bearish trend, to be waiting for 1908, and then 1891 correction of 61.80%, the next official station for the current downside wave.

Trading and price stability below 1950 is an essential condition to activate the suggested bearish scenario, and its breach leads the price to retest 1960, 38.20% correction.

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: 1908.00	R1: 1950.00
S2: 1891.00	R2: 1960.00
S3: 1867.00	R3:  1974.00