Gold is facing selling pressure 30/6/2022

After several consecutive sessions in which we committed to neutrality due to the range that dominated the movements of gold during this week’s trading, activating the selling positions requires a clear and strong break of the 1820 level, targeting 1810, touching a target of 1811.

On the technical side, today, we tend to the negativity, relying on the stability of the intraday trading below 1820 accompanied by the negative pressure of the simple moving averages, which comes in conjunction with the decline of the momentum on the short time intervals.

Therefore, with the break of 1810, this increases and accelerates the strength of the bearish bias, completing the second target of the last report at the price of 1800, knowing that the official target is around 1780.

Rising again above 1830 leads gold to trade within the sideways range between 1820 and 1845 before determining the next price movement.

Note: Trading on CFDs involves risks. Therefore, all scenarios may be possible. This article is not a recommendation to buy or sell but rather an explanatory reading of the price movement on the chart.

S1: 1807.00	R1: 1830.00
S2: 1798.00	R2: 1842.00
S3: 1785.00	R3:  1851.00