Gold Continues to Incur Losses

The yellow metal prices were subjected to solid selling pressure due to the rise in the US dollar to be able to touch the target mentioned in the previous analysis, at 1745, recording its lowest level at 1742.

On the technical side today, by looking at the 4-hour chart, we find that the RSI is gaining bearish momentum on the shorter intervals, accompanied by the continuation of the negative pressure coming from the simple moving averages.

From here, and with the stability of trading below the previously broken support and now converted to the 1768 resistance level, the 61.80% Fibonacci correction, the bearish scenario remains valid and effective, targeting 1742 and 1738 respectively, and it is desirable to pay close attention that the break of the latter increases and accelerates the strength of the daily bearish trend so that the road is open to visit 1727 initially.

The return of trading stability above the resistance level of 1768 will postpone the chances of a decline. Still, it does not cancel it, and we may witness a temporary bullish path that initially aims to retest 1774/1777.

S1: 1738.00	R1: 1763.00
S2: 1727.00	R2: 1777.00
S3: 1713.00	R3:  1788.00