Gold Touches Our First Target And Awaits a New Signal

Gold prices achieved the target of the bearish corrective tendency we mentioned in the previous analysis at 1815 posting a low of 1817.

On the technical side, today we are in front of a technical conflict between the clear negative features on the stochastic indicator, which supports the continuation of the decline and is accompanied by the stability of trading below 1843, on the other hand, we find the simple moving averages continue to hold the price from below, accompanied by the stability of intraday trading above 1830/1828.

Therefore, we will stand on the impartiality for the moment in order to maintain the profit rates that were achieved in the previous session and to obtain a high-quality deal, so that we are facing one of the following scenarios:

The continuation of the bearish corrective bias depends on trading stability below 1843/1846. We also need to witness a clear break of the support level of 1828, and this will facilitate the task required to visit 1822 and then 1807 next stop.

Reactivating long positions requires a clear and strong breach of the aforementioned resistance, which is a catalyst that enhances the chances of the rally towards 1856 and then 1860.

S1: 1822.00	R1: 1846.00
S2: 1807.00	R2: 1856.00
S3: 1798.00	R3: 1870.00