Gold Touches The First Target, Eyes on Fed

The pivotal resistance at 1799 managed to put selling pressure on gold prices, heading towards touching the first awaited target at 1781, recording its lowest level at 1779.

Technically, we notice the continuation of the clear negative pressures on the simple moving averages, and we find the 50-day moving average meeting near 1793 and adding more strength, coinciding with the clear negative features on the stochastic indicator.

Therefore, we maintain our negative outlook towards the second official target of the previous analysis at 1774 and 1768 correction of 61.80%, taking into account that the infiltration below 1768 is forcing gold prices to continue declining to be waiting for 1757 initially.

In general, we suggest the daily bearish trend as long as trading is stable below the main resistance 1799, 50.0% correction and its breach will stop the bearish scenario immediately, and gold will recover to retest the top that was recorded recently 1810.

S1: 1774.00	R1: 1791.00
S2: 1768.00	R2: 1799.00
S3: 1757.00	R3:  1808.00