Gold continues to achieve our bearish goals 19/8/2022

Gold prices continue to lose within the expected bearish trend during the previous analysis. As a result, the price touched the required bearish targets at 1758 and 1753, recording its lowest level at 1753 during the Asian session of today’s trading session.

On the technical side, and with careful consideration on the 4-hour chart, with confirmation of gold breaking the minor support level 1771, which is calculated by confining the bullish momentum and the negative crossover of the simple moving averages.

This may encourage us to maintain our negative outlook towards the third target at the price of 1746 and 1740 respectively. The price behaviour must be monitored around the 1740 level, because the decline below this level increases the strength of the daily bearish trend, waiting for an ounce of gold around 1730 as long as the price is stable below 1771 and most importantly 1779 50.0% correction.

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: 1746.00	R1: 1765.00
S2: 1740.00	R2: 1779.00
S3: 1727.00	R3:  1784.00