Gold Hits The Resistance 14/4/2022

Gold’s attempts to maintain bullish stability continued after retested the 1956 support level. Still, prices hit the resistance level published during the previous analysis at the 1980 price, explaining that resuming the rise requires breaching this level.

Technically, today, we notice that the resistance level of the ascending price channel 1980 constitutes an obstacle in front of the price. In addition, we found negative signs that started to appear on the stochastic indicator, which may support the possibility of a bearish bias during today’s session.

Therefore, a minor bearish correction may be more likely. However, trading below 1960, the previously breached resistance-into-support and converted into the 61.80% correction support level facilitates the task required to visit 1935 and 1925.

If gold breaches the bullish trend protection key 1981, that will lead the price to the overall bullish path, and we will be waiting for 1988 and 2000 official stations.

Note: the mentioned minor correction does not contradict the general upward trend.

S1: 1956.00	R1: 1988.00
S2: 1935.00	R2: 2000.00
S3: 1925.00	R3:  2020.00