Gold is Facing Selling Pressure

Negative trading dominated gold prices last week in the previous trading session after it failed to maintain stability above the 1799 resistance level, forcing it to trade negatively again.

Technically, we tend to the negativity, according to the stability of trading below 1799, the main resistance represented by the 50.0% Fibonacci correction as shown on the chart, in addition to the stability of the RSI below 50.

Therefore, the bearish bias is the most desirable today, targeting 1768 Fibonacci retracement of 61.80%, a next official station with targets may extend later to visit 1749 initially.

Activating the above-suggested scenario requires stability and stability of the price below 1799/1800, knowing that attempts to breach the mentioned level lead the price to test a high of 1811.

S1: 1768.00	R1: 1805.00
S2: 1749.00	R2: 1827.00
S3: 1727.00	R3:  1844.0