Gold is witnessing strong selling 3/10/2023

Gold prices continue to suffer heavy losses as part of intense selling, as we expected, touching the official target required to be achieved during the previous technical report, located at the price of 1815, recording its lowest level of $1815 per ounce during early trading of the current session.

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 outlook, targeting 1809 as the next official station, whose goals may extend later to visit 1806, and we must pay close attention to the mentioned levels, given their importance to the general trend in the medium term.

Note: Breaking the 1809 level will lead gold prices to complete the current decline wave towards 1794 and 1773.

Price consolidation with at least an hour candle closing above 1840 leads gold prices to recover temporarily to retest 1860.

Note: The risk level 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: 1806.00	R1: 1840.00
S2: 1794.00	R2: 1860.00
S3: 1773.00	R3:  1872.00