Gold failed once again
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4H Chart
Daily Chart
Gold regained above $1900/Oz during yesterday’s trading, reaching as high as $1910 but it failed to sustain these gains during the Asian session today, leading to another leg lower back below $1900/Oz. Such failure to stay above $1900 and to break that $1910 barrier keeps our short-term bearish outlook unchanged. We don't recommend any long positions yet as the technical indicators are still overbought. Therefore, we prefer to wait for further declines over the next few days before thinking about adding new long positions, while we maintain our medium-term long positions that we issued back in April at $1725 and $1715/Oz for now, with a Stop Loss to $1835 for now.
| S3 | S2 | S1 | Pivot | R1 | R2 | R3 |
| 1874.73 | 1889.35 | 1898.86 | 1903.97 | 1913.48 | 1918.59 | 1933.21 |