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The yellow metal prices incurred huge losses, declining to lose $ 115, recording its lowest level at 1850. Technically, we find that the price is stable below the previously broken pivot support-into-resistance 1901, 61.80% Fib retracement, and the SMA 50 is pressing the price from the top.
Therefore, we believe that the bearish trend is likely today, knowing that confirming the break of 1850 extends gold’s losses and pave the way directly towards 1833, then 1794 as initial bearish targets.
From the top, a rise above 1901, a 61.80% retracement, delays the chances of a reversal and we may witness a re-test of 1934, a 50.0% retracement before attempts to retrace again.
| S1: 1833.00 | R1: 1948.00 |
| S2: 1784.00 | R2: 2015.00 |
| S3: 1718.00 | R3: 2063.00 |
