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The yellow metal suffered strong losses during the last trading session within the expected bearish path, touching the first official leg of the current downward wave referred to over several reports in a row located at 1845, to extend its losses during the morning trading of the current session 1821.
Technically speaking, with gold succeeding in breaking the pivotal support level, which was the key to protecting the upside move at the price of 1860, which is now turned into a resistance level, in addition to the continuation of the negative pressure coming from the simple moving averages.
This encourages us to keep our negative expectations towards the second official leg of 1800, which may extend to 1794 later.
The return of trading stability again above 1860 delays the chances of a reversal, but does not eliminate them, and we may witness a re-test of the resistance level of 1885 before retreating again.
| S1: 1804.00 | R1: 1860.00 |
| S2: 1785.00 | R2: 1895.00 |
| S3: 1749.00 | R3: 1914.00 |
