Gold is touching the official target of the bearish wave 23/6/2023

Gold prices declined significantly during the previous session’s trading to achieve the official target for the current downward wave, as we expected at 1913, recording its lowest level during the morning trading of today’s session at $1910 per ounce.

From the point of view of technical analysis today, and by looking at the 4-hour chart, we find that the simple moving averages continue to exert negative pressure on the price from above and support the daily bearish price curve, stimulated by the clear negative signs on the 14-day momentum indicator.

From here, with the stability of intraday trading below 1928 and below the previously broken support, which is now 1945 resistance level, Fiboacci correction 50.0%. The bearish scenario remains valid, we need to witness the confirmation of the breach of the main support 1913 correction 61.80%, and that increases and accelerates the strength of the current downside mojo, to be Waiting for 1903 and 1897, the next goals are expected, and the goals may extend towards 1878 later.

We remind you that price consolidation above 1828 postpones the chances of a decline but does not cancel it, while confirmation of the 1945 breach can thwart the suggested scenario and lead gold prices to recover temporarily to retest 1963. We suggest the overall bearish trend as long as trading is stable below 1977.

Note: Stochastic is around overbought areas, and we may witness some fluctuation until we get the desired direction.

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: 1903.00	R1: 1928.00
S2: 1897.00	R2: 1945.00
S3: 1878.00	R3:  1953.00