Gold Below The Resistance, Breaking Support Extends Losses

Negative trading dominated gold prices after it failed to stabilize for a long time above the resistance level of 1803, which forced it to retest the support level at 1785.

Technically, we see gold started to pressure on the 1785 support level, as we find the simple moving averages continue to pressure the price from the top, in addition to the stability of trading in general below the pivotal resistance 1799 located at the 50.0% Fibonacci correction, as shown on the chart.

The daily trend is bearish, and we are waiting for a breach of 1785, which puts the price under strong negative pressure, whose initial target is around 1774, while its official target is around 1768, 61.80% Fib.

S1: 1781.00	R1: 1800.00
S2: 1775.00	R2: 1809.00
S3: 1768.00	R3:  1815.00