Gold is in a Sideway, Waiting For Pending Orders

We remained neutral during the report published last Friday due to the conflicting technical signals. Prices are still fluctuating within a sideways slope confined from below above the strong support level 1774 and on the downside at 1790.

Technically, with careful consideration on the chart, we notice the negative pressure from the 50-day moving average, which meets around 1799 and adds more strength, represented by the 50.0 Fibonacci correction level, which supports the bearish moves.

On the other hand, price stability above the support level of 1774 is a positive factor that increases the possibility of a rise. From here, and with the technical signals continuing to conflict, we will remain neutral for the moment until the next trend becomes clearer more accurately, to be in front of one of the following scenarios:

To get an upside move, we must witness a clear and strong breach of the 1790 resistance level to enhance the chances of a rise towards 1799, 50% correction, and the losses may extend later to visit 1808.

Activating short positions requires breaking 1774, and that puts the price under negative pressure, its initial target is 1768, 61.80% correction, and you should pay close attention if the 1768 break is confirmed, that increases and accelerates the strength of the bearish bias to be 1758, the next stop is 1758.

S1: 1774.00	R1: 1790.00
S2: 1768.00	R2: 1799.00
S3: 1758.00	R3:  1808.00