Gold continues to break lows 29/6/2023

Gold prices suffered heavy losses, as we expected during the previous technical report, touching the official target station at 1913, explaining that breaking it constitutes a negative pressure factor, so that the door is open towards 1887, recording its lowest level during the morning trading of today’s session, $1902 per ounce.

Technically, we notice the break of 1913 previously broken support and turned into a resistance level according to the concept of exchanging roles at 61.80% Fisionacci correction. We find the 50-day simple moving average still pressuring the price from above.

From here, with the stability of daily trading below 1913, the bearish trend remains valid and effective, targeting 1897 and 1890 as initial targets that may extend later towards 1882.

Price consolidation above 1913 will immediately stop the suggested bearish scenario, and gold prices will recover temporarily to re-test 1929/30.

Note: Today we are awaiting high-impact economic data issued by the US economy “Quarterly Gross Domestic Product”, and we may witness high volatility at the time of the news release.

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: 1897.00	R1: 1912.00
S2: 1890.00	R2: 1922.00
S3: 1882.00	R3:  1933.00