Gold continues the corrective decline to the downside 23/11/2022

Negative pressure still dominates gold prices after it failed to maintain the intraday positive stability above 1746 level, within a gradual decline to the downside, recording its lowest level near the strong support level 1734.

On the technical side today, the simple moving averages continue the negative pressure on the price from above and support the continuation of the daily bearish price curve, which comes in conjunction with the clear negative signs on the stochastic.

The bearish scenario remains the most likely, targeting 1734/1732 as an initial station, taking into consideration that decline below the mentioned level is a sign that enhances the chances of a drop towards 1729, and then 1720, an official station for the corrective downside wave that started from 1785.

Activating the bearish scenario depends on the stability of intraday trading below 1746 and below 1753.

Note: We are awaiting high-impact economic data in the US, “the preliminary reading of the services and manufacturing PMI and Federal Reserve Committee meeting”

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: 1734.00	R1: 1746.00
S2: 1729.00	R2: 1753.00
S3: 1722.00	R3:  1758.00