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Positive attempts to gold prices succeeded in achieving the bullish correction scenario within the bearish trend heading for re-test the pivotal resistance level located at 1837, posting high at 1844.
Technically speaking, by looking at 4-hour chart, we see gold has succeeded in stabilizing intraday above the level of 1826, as we find the moving average continues to hold the price from below and supports the correction move and RSI above 50 midline.
Despite the technical factors that support the continuation of the upside correction, we need to see a clear and strong breach of 1844, to enhance the chances of the upside towards 1847, and then 1855, the previously broken support, which is now converted into a pivotal resistance that represents the key to protecting the downside.
The return of stability in trading below 1826 puts the price under negative pressure leading the pair to visit 1816/1814 and then 1805.
Note: US jobs data are due today, which may have a significant impact on market movements.
| S1: 1826.00 | R1: 1847.00 |
| S2: 1814.00 | R2: 1855.00 |
| S3: 1805.00 | R3: 1868.00 |
