Gold surrenders against USD 6/7/2022

Gold witnessed big losses yesterday, under pressure from the rise of the US dollar, achieving the bearish scenario published in the last analysis, explaining that breaking 1800 extends gold’s losses, targeting 1784, recording its lowest level at 1763.

On the technical side today, the simple moving averages still exert negative pressure on the price from above. This comes with the success of gold in confirming the breach of the 1800 support level, which turned into a strong resistance level.

Therefore, the bearish scenario may remain valid and effective, waiting to touch the next price stop located at 1750 as long as the price is stable below 1800.

Note: The Fed’s statement is due today and could lead to some volatility

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: 1750.00	R1: 1800.00
S2: 1732.00	R2: 1830.00
S3: 1700.00	R3:  1848.00