Gold continues to decline on the aggressive rise of the dollar 27/9/2022

Gold prices continue to achieve losses against the aggressive rise of the US dollar, recording its lowest level during the first trading of this week, $ 1621 per ounce.

Today’s technical aspect indicates the possibility of resuming the bearish directional movement, adopting the criteria of dealing with descending price channels, in addition to the negative pressure of the simple moving averages.

Therefore, the bearish trend is more likely today, knowing that the decline below 1618 increases and accelerates the strength of the bearish trend, opening the door to 1605 official stations as long as the price is stable below 1646.

Consolidating above 1646 will likely lead the price to enter a minor bullish correction to compensate for losses, with targets starting at 1664/1661.

Note: Stochastic is trying to provide positive signals.

Note: Markets are still unstable, and we may see random moves.

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: 1618.00	R1: 1646.00
S2: 1605.00	R2: 1661.00
S3: 1590.00	R3:  1674.00