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Gold prices failed to breach the resistance level of 1872, which we mentioned during the last analysis that it represents one of the directional keys to witness the current movements of gold, a slight downward slope that is stable below 1872.
On the technical side today, negative signs started appearing on Stochastic, in addition to trading stability below 1872 Fibonacci retracement of 38.20%.
Consequently, we may witness a slight bearish tendency during the coming hours, its initial target is around 1851 and then 1848 respectively, bearing in mind that confirming the break of 1848 increases the negativity so that the road is directly open towards 1838.
Only from the top, an upside move to the level of 1872 leads gold to an upside path aimed at 1888.
| S1: 1855.00 | R1: 1872.00 |
| S2: 1848.00 | R2: 1882.00 |
| S3: 1838.00 | R3: 1890.00 |
