Gold is waiting for pending orders 28/6/2022

Limited sideways trading dominates gold price movements, maintaining the same technical conditions published during the last analysis.

Technically, trading returned to the sideways range between 1820 and 1842, despite the negative pressure coming from the 50-day moving average, which is accompanied by the clear negative signs on the stochastic indicator.

However, we prefer to monitor the price behaviour for the second consecutive session until the daily trend becomes clearer, waiting for one of the following scenarios:

To activate the bearish scenario, we need to witness a clear and strong break of the pivotal support level at 1820, which turns the path into a strong bearish path; its targets are initially located around 1810 and 1800 and later extend towards 1780.

The bullish scenario requires the breach of 1842 and, most notably, 1845, a motivating factor that enhances the chances of touching the levels of 1858 and 1865 as initial targets.

Note: the level of risk is high.

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: 1816.00	R1: 1837.00
S2: 1807.00	R2: 1849.00
S3: 1795.00	R3:  1858.00