Gold is losing momentum temporarily 15/12/2022

Trading tended to be positive, dominating gold prices yesterday, recording its highest level around $1814 per ounce, as the current movements witness a bearish tendency.

Technically, the current trading is witnessing several stabilizations of the price again below the 1810 level, under pressure from the clear negative signs on the stochastic indicator, which started to gradually lose bullish momentum and is stimulated by a temporary decline in momentum.

The possibility of a bearish tendency during the coming hours is present to retest the strong support level 1786 before determining the next price destination, knowing that the decline below 1786 puts the price under negative pressure to visit the second target 1777.

We remind you that the bearish slope does not contradict the general bullish trend, whose official targets are around 1822 and 1830, respectively. In general, we continue to suggest the general bullish trend, as long as trading remains above the bottom of 1764, Fibonacci correction of 23.60%.

Note: We are waiting for high-impact economic data today, and we may witness obvious fluctuations at the time of the press release:

Interest rate decision from the Bank of England

Summary of monetary policy from the Bank of England

Monetary policy vote on interest rates from the Bank of England

The interest rate decision of the European Central Bank

European Central Bank monetary policy statement

ECB press conference

US retail sales

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: 1786.00	R1: 1808.00
S2: 1778.00	R2: 1822.00
S3: 1764.00	R3:  1830.00