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The technical outlook is unchanged; the gold’s movements did not change much, maintaining the negative stability below the pivotal resistance level at 1797.
Technically, we find gold started to pressure on the 1785 support level, as we find the simple moving averages continue to pressure the price from the top and the stability of trading in general below the pivotal resistance at 1799 50.0% Fibonacci correction.
The daily trend is to the downside, and we are waiting for a breach of 1785, which puts the price under strong negative pressure. Its initial targets are around 1774, while its official target is around 1768, 61.80% correction.
To recall that the stability of trading above 1797 and most importantly 1800 is able to thwart the bearish scenario and lead gold to an upward path, its initial target is 1809, and it may extend later towards 1815.
| S1: 1781.00 | R1: 1800.00 |
| S2: 1775.00 | R2: 1809.00 |
| S3: 1768.00 | R3: 1815.00 |
