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The yellow metal prices touched the target at 1726, recording its lowest level around 1722 within a strong bearish trend.
On the technical side today, and by looking at the 240-minute chart, we notice that some bullish bias yesterday’s session, taking advantage of the pivot on the support level represented by the target 1725.
With careful consideration, we notice the continuation of the negative features coming from the stochastic indicator and the beginning of its gradual loss of the bullish momentum, in addition to the stability of trading below the resistance level of 1768, the Fibonacci correction of 61.80%, and most importantly of 1770.
We maintain our negative expectations, aiming to retest 1735 and then 1728, knowing that trading stability below 1770 is an important and basic condition to activate the continuation of the decline and its breach, forcing gold prices to enter a minor correction whose initial target is 1788.
| S1: 1728.00 | R1: 1770.00 |
| S2: 1704.00 | R2: 1788.00 |
| S3: 1686.00 | R3: 1812.00 |
