Gold is stable below resistance 26/6/2023

Gold prices were subjected to solid selling operations during last Friday’s trading session, gradually approaching the official target stations at 190 and 1897, only to record their lowest level at $1910 per ounce.

On the technical side today, and with a closer look at the 4-hour chart, we find trading is stable below the previously broken support, which is now converted to the resistance level of 1945, Fibonacci correction 50.0%, which is considered one of the most important keys to the trend, in addition to the clear negative signs on the stochastic.

From here, trading is steadily below 1945, a correction of 50.0%, targeting 1910. Care must be taken around this level, and breaking it increases and accelerates the strength of the bearish trend, to be waiting for, touching 1900 and 1897, the official waiting stations.

Consolidation above 1945 postpones chances of a decline. Still, it does not cancel them, while confirmation of the 1951 breach can thwart the suggested scenario and lead gold prices to recover temporarily to re-test 1963/1965.

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: 1911.00	R1: 1938.00
S2: 1897.00	R2: 1951.00
S3: 1884.00	R3:  1965.00