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Positive attempts for the yellow metal in the previous session, retesting the main resistance level at 1799, recording its highest level at 1795.
Technically, and carefully looking at the 4-hour chart, we notice the 50-day moving average is still an obstacle for gold to achieve further rise. We also find the stochastic indicator on the cusp of overbought.
With the price stability remaining below 1799.00, around the 50.0% Fibonacci correction, which represents the key to protecting the bearish bias, we are encouraged to maintain our negative expectations, targeting 1782 and 1768 61.80% correction, awaited stations.
Rising above 1799.00 will stop the suggested bearish scenario, and gold will recover with a target 1805/1804, and the gains may extend to visit the previous high of 1811.
| S1: 1782.00 | R1: 1799.00 |
| S2: 1772.00 | R2: 1804.00 |
| S3: 1768.00 | R3: 1814.00 |
