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Gold prices retreated significantly within the expected negative outlook during the previous analysis, in which we relied on confirming the break of the support level of 1837, heading to touch our expected target during the previous analysis at 1820, recording its lowest price during the early trading of the current session at 1819.
Technically speaking and with gold’s failure to maintain the previously broken support level, which is now converted to the resistance level of 1838, a Fibonacci retracement of 38.20%, in addition to the negative signs coming from the RSI on short time frames.
Therefore, we maintain our negative outlook, continuing towards 1810, the first target, bearing in mind that the confirmation of the breach of 1810/1808 accelerates and confirms the strength of the daily bearish trend, opening the way directly towards 1800 and losses may extend later towards 1783.
Only from the top is the return of trading stability above 1837, 38.20% correction delays bearish chances, but does not cancel them, and we may witness a re-test of the pivotal resistance located at 1851 before retreating again.
| S1: 1810.00 | R1: 1840.00 |
| S2: 1801.00 | R2: 1857.00 |
| S3: 1783.00 | R3: 1867.00 |
