Gold is still within the bearish corrective path 26/4/2023

A mixed trading session dominated gold prices yesterday after it achieved the first target that needed to be touched, located at the price of 1978, recording its lowest price of 1976, to start an upward rebound due to touching the support represented in the target.

Technically, and despite the stability of trading above the 1992 resistance level, we still tend in our trading to be negative, relying on the clear negative signs on the stochastic indicator, in addition to the regular trading within a technical formation that indicates the possibility of continuing the corrective decline.

Therefore, the bearish scenario remains valid and effective, and that is achieved by breaking 1992, targeting 1978 as the first target, and then 1964 as the next station, considering that the official target for the bearish correction is located around 1952.

Activating the proposed scenario requires the stability of daily trading below 2006, and its penetration can enhance the chances of gold prices rising again with the goal of 2018.

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: 1978.00	R1: 2006.00
S2: 1964.00	R2: 2018.00
S3: 1952.00	R3:  2033.00