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The yellow metal started the current session’s trading with a bearish tendency after difficulty surpassing the upside and settling above the strong resistance level located at 1826 price, which forced it to move negatively and stable around its lowest level during the early trading of the current session 1816.
Today’s technical aspect indicates the possibility of a decline due to the RSI losing the bullish momentum on the short intervals, in addition to the attempts of the 50-day moving average to pressure the price from above.
The bearish scenario might be the most preferred, and we will wait to confirm the breach of 1810, which opens the door for gold to visit 1803 and 1797, respectively, as long as the price is stable below the 1826 resistance level.
Note: CFD trading involves risks; all scenarios may occur.
| S1: 1810.00 | R1: 1826.00 |
| S2: 1803.00 | R2: 1835.00 |
| S3: 1794.00 | R3: 1842.00 |
