Gold Trying to Recover

Gold prices found a good support level around 1753, which forced the price to rebound to the upside, to find gold prices hovering around its highest level during the Asian session 1776.

Technically, and carefully looking at the 4-hour chart, we found a conflict between the negativity of the stochastic indicator, which is accompanied by the negative pressure of the 50-day moving average, and the clear positive signs on the RSI, in addition to the stability of the intraday trading above 1760. With the conflicting signals Today, we will remain neutral for a while in order to maintain the profitability rates that were achieved during the previous sessions, and to obtain a high-quality deal.

Therefore, we are waiting one of the following scenarios: For the continuation of the downward wave, we need to witness stability below 1760, and this facilitates the task required to visit 1745/1744, and then 1734 official stations.

Activating long positions requires that we witness a breach of 1782, and from here we may witness an upward easing bias that aims to retest 1790, and gains may extend towards 1797, 50.0% correction.

S1: 1760.00	R1: 1782.00
S2: 1744.00	R2: 1790.00
S3: 1734.00	R3: 1797.00