Gold: Negative Pressure Remains in Place

The yellow metal witnessed a bearish tendency during the morning trading of the current session within the bearish context as we expected, in which we relied on confirming the break of 1843, indicating that this would facilitate the task required to visit 1836 then 1826 to record its lowest level during the Asian session for the current session 1828.

On the technical side, with the price stabilizing below the support level of 1843, accompanied by the continuation of the negative pressure coming from the 50-day simple moving average, which is accompanied by the stability of the RSI below the midline 50 on short time frames.

This encourages us to maintain our negative outlook targeting 1823, and breaking it increases and speeds up and confirms the strength of the bearish tendency to be waiting for 1808 initial stations that may extend later towards 1788.

A reminder that the return of trading stability and price stability above the resistance level 1852 and most importantly 1858 negates the bearish scenario completely and leads the price to a bullish path with the target of 1870.

S1: 1823.00	R1: 1858.00
S2: 1808.00	R2: 1878.00
S3: 1788.00	R3: 1893.00