Gold Finds a Strong Resistance

For the third consecutive session, the movements of the yellow metal are witnessing attempts to rise with the aim of retesting the pivotal resistance level at 1770, unable to breach it so far, which forced it to trade negatively during the early trading of the current session, stable around the lowest level of the 1753 session.

Today’s technical outlook indicates the possibility of resuming the decline based on the negative pressure of the 50-day moving average, in addition to the clear negative signs on the RSI and its loss of bullish momentum.

From here, and with the continued stability of trading below the 1768 resistance level represented by the 61.80% Fibonacci correction, the bearish scenario remains valid and effective, targeting 1746 and 1735 respectively.

The return of trading stability above 1768, and most importantly 1770, will immediately stop the suggested bearish scenario, and we may witness temporary positive movements whose primary objective is to retest 1781.

S1: 1744.00	R1: 1768.00
S2: 1735.00	R2: 1781.00
S3: 1722.00	R3:  1792.00