Gold trying to recover 29/4/2022

The yellow metal prices declined within the expected bearish path we mentioned in the previous analysis, touching the first target at 1885 and approaching by a few points from the next stop 1866, recording a bottom at 1872.

Technically, we notice that there are limited attempts to rise as a result of approaching the 1870 level; as we notice through the current intraday movements, the price stability above 1890, 61.80% Fibonacci correction, and we find the stochastic indicator started to provide positive crossover signals, which increases the possibility of a bullish slope that aims to retest 1902 and 1910, respectively.

They note that the temporary bullish bias does not contradict the daily bearish trend, with the continuation of the negative pressure of the 50-day moving average, in addition to confirming the groundbreaking of the pivotal support, which is now converted to the 1925 support level, 50.0% correction.

Trading below 1878 sets the price to complete the official descending path with the objectives of 1866 and 1850.

Note: Trading on CFDs involves risks. Therefore, all scenarios may be possible. This article is not a recommendation to buy or sell but rather an explanatory reading of the price movement on the chart.

S1: 1878.00	R1: 1902.00
S2: 1863.00	R2: 1911.00
S3: 1854.00	R3:  1925.00