Gold Extends Its Losses 28/1/2022

Gold prices witnessed significant losses during the last session within the expected bearish path, heading to touch the official target 1797, bypassing the official station, touching the next target 1790, recording its lowest price of 1791.

Technically, the bearish trend is still intact today due to the negative pressure coming from the simple moving averages that continue to pressure the price from above, coinciding with the negative signs appearing on the momentum indicator.

Therefore, gold may resume the bearish trend to visit 1785, the first target for today’s session, considering that breaking the mentioned level constitutes a negative pressure factor that opens the door to achieve more losses towards 1768.

Trading below 1816 and 1825 is a prerequisite for continuing the negative movements, and its breach will postpone the idea of ​​the downside. We may witness a temporary bullish bias that aims to retest 1833.

Note: CFD trading involves risks; all scenarios may occur.

S1: 1785.00	R1: 1816.00
S2: 1772.00	R2: 1834.00
S3: 1754.00	R3:  1847.00