Gold Continues Negative Path

Strong negative trades dominated gold prices during the previous trading session within the expected bearish context, gradually approaching the target of 1697, recording the lowest price of 1700.

On the technical side today, the intraday trading remains below 1620 and the most important 1626 supports the negativity. By looking at the 60-minute chart, we find that the simple moving average continues to pressure the price from the top.

Therefore, we will maintain our negative outlook targeting 1697, a first official target, and price behaviour must be watched well in case the aforementioned level is touched, because breaking it will maximize gold’s losses, so the way is open directly towards 1688, a 61.80% correction.

A reminder that surpassing the upside and rising again above 1626 delays the chances of reversing, but does not cancel them, and we may witness a slight bullish tendency targeting 1838.

S1: 1697.00	R1: 1737.00
S2: 1680.00	R2: 1759.00
S3: 1660.00	R3: 1777.00