Gold Touches The Target, Looking For Direction

The yellow metal prices achieved the positive outlook as we expected yesterday, to retest the target at 1785, recording its highest level at 1785.

On the technical side, the resistance level represented by the target managed to cap the bullish bias, which forced gold to trade with intraday negativity to retest the pivotal support level 1770.

With a closer look at the chart, we tend to the negativity, but cautiously, relying on the negativity features that started appearing on Stochastic and gradually losing the bullish momentum.

Price stability below 1768 61.80% correction facilitating the task required to touch 1761 and 1751 respectively, initial targets that may extend later towards 1735 as an official station.

Rising again above 1785 can thwart the bearish suggestion and lead gold prices to complete the rise with the target of 1796. Note: the level of risks is high

S1: 1761.00	R1: 1784.00
S2: 1750.00	R2: 1796.00
S3: 1735.00	R3:  1807.00