Gold continues its negative crawl 15/8/2023

As we expected, the bearish trend continues to dominate gold’s movements within the bearish technical track, bypassing the first targeted station during the previous analysis, located at 1906, recording its lowest level at $1902 per ounce.

On the technical side today, by looking at the 4-hour chart, with the continuation of the negative intersection of the simple moving averages, which constitute a strong impediment to gold prices, and continue to exert negative pressure on the price from above, in addition to the continuation of the negative impact of the bearish technical pattern.

From here, with the steadfastness of intraday trading below 1914, the previously broken support, and now converted to the Fibonacci correction resistance level of 61.80%, the bearish scenario remains the most likely during the current session’s trading, targeting 1900 and 1894, respectively, and the losses may extend towards 1886, the main expected target.

To remind you that the upside move and the price’s consolidation with at least an hour closing above 1913, that postpones the chances of a decline, and gold prices may witness a temporary recovery with the aim of re-testing 1922 and 1929 before the start of the decline again.

Note: Today we are awaiting high-impact economic data issued by the US economy “Retail Sales” “New York State Manufacturing Index” and from Canada we await “Monthly Consumer Prices” and from England we await “Change in Unemployment Claims” and we may witness high volatility in prices.

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: 1900.00	R1: 1914.00
S2: 1894.00	R2: 1922.00
S3: 1886.00	R3:  1929.00