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Gold prices succeeded in touching the official target station of the current wave of decline at 1765, recording its lowest price during the early trading of the current session at 1760.
Technically speaking, with gold continuing to get negative pressure from the simple moving averages, coinciding with the negative signs of the RSI on short intervals, in addition to the price’s failure to breach 1783.
Therefore, we expect the bearish trend to continue, bearing in mind that trading below 1760 will lead the price to visit 1754, and then 1742 a next official stop.
Activating the suggested bearish scenario requires price stability below 1783 and most importantly 1788 as basic conditions for continuing the decline. Breaking up to 1788 is able to delay the decline, and we may witness a bullish tendency targeting a re-test of the psychological barrier of 1800.
| S1: 1754.00 | R1: 1783.00 |
| S2: 1742.00 | R2: 1800.00 |
| S3: 1725.00 | R3: 1812.00 |
