Gold Touches Targets And Selling Pressure Remain

After several successive sessions of sideways moves, gold prices were able to break the pivotal support level published during the previous analysis, 1720, indicating that breaking the aforementioned level puts the price under strong negative pressure, and its initial target is around 1705, to record its lowest price at 1704.

On the technical side, with the pair’s success in breaking 1720, in addition to the RSI gaining bearish momentum. From here, the bearish scenario will remain valid and effective targeting 1691 a 61.80% retracement, as shown on the chart as a first official stop, and the downside targets may extend later towards 1685.

Activating the bearish scenario depends on intraday trading below 1725 and most importantly 1733.

S1: 1696.00	R1: 1725.00
S2: 1691.00	R2: 1747.00
S3: 1685.00	R3: 1756.00