Gold is trying to find a bottom 4/10/2023

The technical outlook remains unchanged, and gold’s movements did not change significantly, trying to retest the 1830 resistance level, maintaining negative stability below it.

Technically, the simple moving averages are still a factor of negative pressure on the price from above, in addition to the stability of intraday trading below the 1840/1838 resistance level.

Therefore, we maintain our negative expectations, targeting 1813 and 1809 as the next official stations, whose goals may later extend to visit 1806. We must pay close attention to the mentioned levels given their importance to the general trend in the medium term. Warning: Breaking the 1809 level will lead gold prices to complete the current decline wave towards 1794.

We remind you that price consolidation with at least an hour candle closing above 1840 leads gold prices to recover temporarily to retest 1850.

Note: Today we are awaiting high-impact economic data issued by the US economy: the change in private sector jobs, the services purchasing managers’ index issued by the ISM, the meeting of the OPEC Joint Ministerial Follow-up Committee, and the speech of Christina Lagarde, President of the European Central Bank, and we may witness high volatility at the time of the news release.

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: 1813.00	R1: 1831.00
S2: 1805.00	R2: 1841.00
S3: 1795.00	R3:  1850.00