Gold confirms the break 15/6/2022

Gold incurred noticeable losses during the previous trading session after it failed to maintain trading above 1850, confirming the break of 1838, explaining in the last report that breaking the mentioned levels is a sign of a shift in the trend to the downside, with targets of 1831 and 1810, recording its lowest level. 1804.

Technically, and by looking at the 4-hour chart, we find that the price is moving below the 450-day moving average and losing the bullish momentum on the short time frames.

From here, with the price stable below the previously broken support-into-resistance at 1828 and, most importantly 1831, the decline remains the most likely scenario, targeting 1805 first target, taking into account that the decline below 1800 increases the strength of the bearish trend, paving the way for gold to visit 1795 and 1782 stations Expected price as long as the price is generally stable below 1850.

Consolidation above 1833 may be a positive factor that leads the price to temporarily recover towards 1841 & 1850 before determining the next price destination.

Note: the markets are waiting for important data that could lead to volatility; US Retail Sales, Interest Rate, Federal Reserve Statement & Press Conference

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: 1805.00	R1: 1828.00
S2: 1795.00	R2: 1841.00
S3: 1782.00	R3:  1851.00