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Gold prices touched the required official station during the previous trading session at 1785, recording its lowest level at 1780, to witness the stability of the current movement below the broken support level 1797.
Technically, and carefully by looking at the 240-minute chart, we notice the clear negative signs on the stochastic, which started to lose the bullish momentum gradually and the continuation of the negative pressure coming from the simple moving averages.
We believe that gold prices continue to maintain negative stability, considering that breaking 1778 may increase the strength of the bearish trend, open the door for 1770/1769.
Rising above 1797 previously broken support and now turned into resistance.
Note: CFD trading involves risks; all scenarios may occur.
| S1: 1778.00 | R1: 1797.00 |
| S2: 1769.00 | R2: 1807.00 |
| S3: 1759.00 | R3: 1816.00 |
