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The yellow metal faced selling pressure during the previous trading session; we remained neutral due to the conflicting technical signals, explaining that breaking the 1797 support level pressures the price to target 1797 and 1774, recording a low at 1782.
On the technical side, today, the current moves are witnessing a return to stability below the pivotal resistance at 1797, represented by the 50.0% Fibonacci correction. Looking at the chart, we notice the clear negative signs on the stochastic indicator, which is supported by the RSI losing the bullish momentum on the short time frames.
Therefore, we tend to be negative towards the second target published during the previous analysis 1774/1778, considering that breaking 1774 extends gold’s losses and paves the way towards retesting 1768, 61.80% correction as shown on the chart.
The stability return above 1797 cancels the suggested bearish scenario, and gold temporarily regains its recovery, targeting 1804 and extending towards 1810.
| S1: 1778.00 | R1: 1804.00 |
| S2: 1767.00 | R2: 1819.00 |
| S3: 1752.00 | R3: 1830.00 |
