Gold Confirms The Break

Gold prices incurred huge losses during the last trading session within the negative outlook as we expected. Therefore, we relied on confirming the breach of 1784, heading towards touching the official target station 1768, on recording its lowest level at 1745.

Technically, trading stabilizing below the previously broken support-into-resistance level at 1774/1775, in addition to the negative pressure of the 50-day moving average.

From here, the bearish scenario remains valid, knowing that breaking 1745 will pave the road to visit 1738 and 1735 next official station as shown on the chart.

Note: Stochastic is trading around oversold intraday areas, and there may be a possibility to retest 1768, 61.80% correction, and 1774, before declining again.

S1: 1738.00	R1: 1790.00
S2: 1716.00	R2: 1818.00
S3: 1687.00	R3:  1840.00