Gold suffers from rising dollar 27/4/2022

Gold prices declined significantly since the beginning of this week’s trading within the expected bearish path mentioned in the last technical report; trading below the pivotal support floor extends losses to visit 1907, recording its lowest level during the current week of 1891.

On the technical side today, and by looking at the 4-hour chart, we find limited positive attempts to retest 1910 and then 1920, but still limited attempts that do not contradict the daily bearish trend. It should be noted that the following targets are located around 1885, followed by 1866 following stations; the general trend on the intraday term is bearish as long as trading remains below 1925, Fibonacci correction of 5.0%.

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: 1885.00	R1: 1927.00
S2: 1866.00	R2: 1952.00
S3: 1841.00	R3:  1970.00