Gold in Limited Positivity

The yellow metal prices suffered heavy losses during the trading week ending in the bearish path, as we expected, in which we depended on the stability of confirming the breach of 1852, recording its lowest level at 1785.

On the technical side, the current moves are witnessing a bullish rebound, but it is still limited, and with a closer look at the 4-hour chart, we find the stochastic oscillator began to lose the bullish momentum gradually.

With the continuation of trading below 1820, we will maintain our outlook for the continuation of the bearish trend targeting 1797 and 1783, knowing that the official target of the downside wave that began last week is near 1765.

Crossing to the upside and rising again above the previously broken support, which is now converted to the 1820 resistance, delays the chances of a reversal, but does not eliminate them, and we may witness an upside correction path targeting 1837.

S1: 1797.00	R1: 1820.00
S2: 1783.00	R2: 1829.00
S3: 1774.00	R3: 1843.00