Gold is Waiting For Confirmation

The technical outlook is unchanged, and the movements of gold did not change much, maintaining the movements within a sideways range that tends to be negative.

On the technical side, we find gold prices are still stable below the pivotal resistance level published during the previous analysis, located at 1768, represented by the 61.80% Fibonacci correction, and most importantly, 1770. We also notice the clear negative signs on the RSI on the short time frames, in addition to the negative features that dominate the stochastic oscillator.

Therefore, the possibility of the bearish trend continuing is still valid and effective, targeting 1750. Breaking it will renew the chances of negative pressure so that we will be waiting for 1744 and 1735 waiting stations.

Rising again above the resistance level of 1770 leads the price to an initial target of 1774 and extends towards 1781.

S1: 1751.00	R1: 1762.00
S2: 1744.00	R2: 1768.00
S3: 1735.00	R3:  1774.00