Gold analysis

Gold prices stabilized below the support level of 1827.20, thus the price confirms the downside path after testing the resistance 1830.00 at the trend line and the moving average 50.

After that, it rebounded lower towards the next support level 1810.90, and the bearish movement is likely to extend towards the main support 1790.00.

The price movement is affected by the negativity of the stochastic indicator and also by the negative pressure formed by the moving averages and the intention to form resistance levels.

The bearish trend scenario will remain valid and active unless the price rushes to breach 1850.00 level and stabilize above it.

The expected trading range for today is between the support 1790.00 and the resistance 1835.00.

Support: 1810.00—1780.00.

Resistance: 1835.00—1846.00—1852.00.

The forecast general trend for today: bearish.

Author: GC
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