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The precious metal was able to achieve intraday gains during the previous session, to nullify the negative outlook, as we expected in the previous analysis, and touch the stop-loss at 1910, posting its highest price at 1918.
Technically speaking, and by looking at the 4-hour chart, it appears that the resistance level 1918 was able to cap slight bullish bias, and the stochastic indicator begins to lose the bullish momentum.
This enhances the chances of the downside movement by targeting 1897 as a first target, followed by 1892. The price should be monitored around 1892, because breaking this level may push gold to retreat towards 1874.
It is noted that confirming the breakout and keeping the price below 1918, negates the expected bearish scenario, and the Gold may regain some strength towards 1827. Warning: the risk level may be high.
| S1: 1892.00 | R1: 1923.00 |
| S2: 1874.00 | R2: 1936.00 |
| S3: 1861.00 | R3: 1954.00 |
