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The resistance levels mentioned in the previous analysis at 1934 managed to halt the bullish bias as we expected and forced gold prices to retreat again.
Technically, and looking at 240-minutes chart, we find that the negative signs are still dominating the stochastic, in conjunction with clear negative signs on the RSI as it stabilized below the midline on the short time intervals.
We maintain our negative expectations towards a re-test of 1901 and resistance-into-support, 61.80% Fib, noting that the breach of the aforementioned level places the price under negative pressure to complete the bearish correction with the target of 1895, followed by 1890.
To the upside, only upon surpassing the pivotal resistance 1934, the 50.0% retracement, will it halt any attempts to retrace and push gold towards a strong bullish path with initial target 1950.
| S1: 1901.00 | R1: 1935.00 |
| S2: 1895.00 | R2: 1941.00 |
| S3: 1880.00 | R3: 1950.00 |
