Gold Continues to The Downside

Gold prices managed to touch the first target that is required to be achieved during the previous analysis, which is located at 1770, recording its lowest level at 1770.

Today’s technical vision indicates the possibility of continuing the descending wave, relying on the price stability below the strong resistance 1785, in addition to the continuation of negative pressure coming from the 50-day moving average, in addition to the clear negative signs on stochastic.

We maintain our negative view, targeting 1768, a first target represented by the 61.80% Fibonacci correction as shown on the chart. Next official stop for the current downtrend wave. In general, we continue to suggest the bearish trend as long as trading is below 1797, 50.0% correction.

S1: 1768.00	R1: 1785.00
S2: 1761.00	R2: 1791.00
S3: 1753.00	R3: 1797.00