Gold Struggling With Support Level

Gold prices hit the strong resistance level published in the previous analysis at 1818/1819, which we clarified is one of the conditions for continuing the bearish trend to force the price to retreat quietly again.

Technically speaking, and with a closer look at the 4-hour chart, the simple moving averages are still continuing their negative pressure on the price from the top, accompanied by the RSI gaining bearish momentum on short time frames.

We keep our negative view unchanged, with intraday trading remaining below 1819 and in general below 1828, targeting 1800 as first targets, taking into account that confirmation of the breach of the psychological barrier support level of 1800 increases and accelerates and confirms the strength of the bearish daily trend, towards 1794, 2^nd stop for the current downward wave and may extend to 1787.

On the topside, rising again above 1828 delays the chances of a reversal, but does not cancel it, and we may witness a re-test of the previously broken support level, which was converted to the resistance level of 1860 before resuming the decline again.

S1: 1802.00	R1: 1819.00
S2: 1794.00	R2: 1826.00
S3: 1787.00	R3: 1835.00