Gold: Negative pressure remains 19/9/2022

Remarkable declines dominated gold prices, posting huge losses within the expected bearish trend during the last analysis, touching the official target at $1660/ounce and approaching by a few points from the second target of $1650, recording its lowest level at $1654 per ounce.

On the technical side today, stochastic is still providing clear negative signals, coming in conjunction with the continuation of the negative pressure of the simple moving averages on the 4-hour time frame.

From here and steadily intraday trading below the previously broken support-into-resistance $1682, and in general below $1690, the bearish trend remains valid and effective, knowing that breaking $1650 facilitates the task required to visit $1642 initial price stations whose targets extend later towards $1635 and $1630 awaited targets.

The attempts to consolidate above $1690 may lead the gold price to witness a recovery of an index that aims to retest 1708 before falling again.

Note: The risk level may be 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: 1656.00	R1: 1682.00
S2: 1642.00	R2: 1694.00
S3: 1630.00	R3:  1708.00