Gold is waiting for further decline 7/8/2023

Gold prices remained downward during last week’s trading, recording its lowest level last Friday at $1924 per ounce.

Technically, and by looking at the 240-minute chart, the price is stable below the strong resistance level of 1945, in addition to the continuation of the negative impact of the bearish technical structure, as shown on the chart.

From here, with trading stability below the 1945 correction of 50.0%, and in general below 1948, the bearish scenario remains the most likely during the session, knowing that consolidation below 1926 facilitates the task required to visit the 1913 Fibonacci correction of 61.80% as a main expected target.

To remind you, closing at least an hourly candlestick above 1948 nullifies the activation of the suggested scenario, and the bullish trend returns to control gold’s movements. We are witnessing a re-test of 1958 in principle.

Alert: Stochastic is negative, and some fluctuation is possible until obtaining the required official trend.

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: 1926.00	R1: 1948.00
S2: 1914.00	R2: 1958.00
S3: 1905.00	R3:  1970.00