Gold analysis

Gold continues to move downwards, as it broke the support level 1845.00 and is approaching the next target 1827.20 in an attempt to complete the decline and reach the 1783.00 level. Noting that the price's attempt to breach the level of 1850.00 upwards may motivate the price to correct upwards. The moving averages are pressing …

Gold continues to move downwards, as it broke the support level 1845.00 and is approaching the next target 1827.20 in an attempt to complete the decline and reach the 1783.00 level.
Noting that the price’s attempt to breach the level of 1850.00 upwards may motivate the price to correct upwards.

The moving averages are pressing the price to continue declining, which is in descending order above the price. While other technical indicators indicate oversold conditions, we are likely to see some correction to the upside.

The expected trading range for today is between the support 1810.00 and the resistance 1855.00.

Support: 1833.00—1827.20—1815.00.

Resistance: 1846.00—1863.00—1873.00.

The forecast general trend for today: bearish.

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