Gold unchanged 7/4/2022

Gold prices did not provide little change in mixed trading, the movements are still stuck within a sideways range, as we indicated during the previous analysis, confined from the bottom above the 1925 support level and from above below the 1940 resistance level, which succeeded in limiting gold’s rises during yesterday’s session, recording 1940, unable to penetrate it So far.

The intraday movements of gold are witnessing a return to stability above 1925 represented by a 50.0% Fibonacci correction, which increases the possibility of a bullish bias accompanied by clear positive features on stochastic, trying to obtain additional momentum, and on the other hand, gold trading is still stable below the main resistance 1940 accompanied by continuation Negative pressure from the 50-day moving average.

With the conflict of technical signals and trading in a side price range between 1925 and below 1940, we prefer to wait to be waiting for the activation of the following pending orders:

The resumption of the decline depends on closing a 4-hour candle below 1925 to target 1918 and 1906 next stations, knowing that the official target to break the 1925 support level is around 1891, the 61.80% Fibonacci correction, while consolidation above 1940 increases the possibility of retesting 1948, and the gains may extend later towards 1960.

S1: 1912.00	R1: 1940.00
S2: 1901.00	R2: 1955.00
S3: 1891.00	R3:  1966.00