Gold is still in a sideways, await pending orders 12/6/2023

The technical outlook is unchanged and for several consecutive sessions, we waited for the pending orders to be activated due to the sideways movements that dominated gold prices from below 1945 and from above below 1977.

From the point of view of technical analysis, gold prices witnessed positive attempts, but they were still limited, during which it reached its highest level in 1970. Continuing the conflicting, leading technical signals makes us continue to monitor the price behaviour to obtain a high-quality deal.

Although we tend to be negative, as indicated by the leading technical indicators, we continue to monitor the price behavior until the liberation from the sideways range, to be in front of one of the following scenarios:
To obtain a bearish trend, we need to witness a clear and strong break of the pivotal support of 1945, 50.0% retracement, to target 1927 and 1913 as official stations.

The closing of the 4-hour candle above 1977, the main resistance, 38.20% correction, that leads gold prices to build a rising wave, its initial target is 1987, and then $2000, the next station.

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: 1945.00	R1: 1977.00
S2: 1927.00	R2: 1987.00
S3: 1913.00	R3:  2005.00