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Gold’s movements did not witness a significant change during the last trading session, keeping trades confined from the bottom above the support level 1773 and from below, the resistance level 1797.
Technically, and with a closer look at the hourly chart, we find negative signs appearing on the stochastic indicator, and on the other hand, the simple moving averages are still holding the price from below.
With the conflict of technical signals, we will stand aside for a moment until the daily trend becomes clearer, so that we will be in front of one of the following scenarios:
To activate the short positions, the price needs to settle below 1795, and we also need to witness a clear break of the support level of 1775, which facilitates the task required for the price to re-test 1765, 50.0% Correction.
Activating long positions requires a clear and strong breach of the resistance level 1795, in order to enhance the chances of a rally towards 1805, and then 1815.
| S1: 1775.00 | R1: 1795.00 |
| S2: 1765.00 | R2: 1805.00 |
| S3: 1755.00 | R3: 1815.00 |
