Gold is Macing More Selling Pressure

We adhered to intraday neutrality during the previous analysis, explaining that resuming the decline requires stability below 1800, in addition to confirming the break of 1768, so that gold managed to approach the desired target 1759, recording its lowest level at 1760.

Today’s technical outlook indicates the possibility of continuing the decline, the 50-day SMA continues to pressure the price, in addition to stochastic around oversold areas.

Therefore, we will maintain our negative outlook, knowing that breaking 1760 facilitates the mission to visit 1751, a first target, breaking the latter increases the strength of the bearish trend, to 1734, the official awaited station.

Attempts to breach 1787 will postpone the continuation of the decline, and we may witness a bullish downward slope that aims to retest 1797, 50.0% correction.

S1: 1751.00	R1: 1787.00
S2: 1738.00	R2: 1810.00
S3: 1715.00	R3: 1823.00