Gold is Still Waiting For a Clearer Direction

The technical outlook is unchanged, and there has been no significant change in gold’s movements, maintaining the same technical conditions within the short trend, with unclear targets so far.

Technically, despite the temporary bullish bounce, gold prices are still moving within an unclear short direction, between minor corrections, detected from below above 1768, 61.80% correction, and from above below 1799, 50.0% correction.

Overbought signs contradict the positive motive of the 50-day moving average and the stability of the momentum indicator above the mid-line 50. Therefore, we will stand aside and wait for the pending orders to be activated, waiting for the following scenarios:

Activating long positions requires the breach of 1799, 50.0% correction, and most notably 1800, and from here, gold recovers, heading directly to test the non-key top of 1812 and 1817.

Activating short positions requires breaking 1768, retracement of 61.80%, which may extend gold’s losses so that we are waiting to touch the 1734 buying areas.

S1: 1774.00	R1: 1794.00
S2: 1768.00	R2: 1800.00
S3: 1753.00	R3:  1812.00