Gold Daily Report: The precious metal is testing the strength of the sellers

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It fell at the beginning of the week’s trading, as expected in the previous report, in which it was indicated that there is a bearish harmonic pattern, to be currently trading near the important support level of $1920.

The markets are waiting for the sellers’ ability to push prices below this level, as trading below this level means more selling pressure on the prices, but the selling signal will be by breaking the bullish trend line on the hourly time frame near the 1915 level.

Because looking at the current levels, we notice that there is support also represented in the Fibonacci retracement level of 61.8%, which may contain any bearish correction in the short term and push gold prices to rise at the present time.

Therefore, stability below $1915 will mean that the bearish corrective wave may extend to $1900 levels, followed by $1880, especially as it will confirm the triple top pattern on the hourly time frame.

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If gold fails to break the $1915 level and prices stabilize above it, it is expected to head back to the $1940 level.

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On the other hand, the long-term bullish view remains in the sense that if you have long-term gold positions, hold on to them, and if you don’t, grab gold bottoms at the support levels indicated for long-term buying.

The data issued by the Commodity Futures Trading Commission showed that net speculative positions on gold continued to rise, reaching 153.2 thousand contracts, to continue their rise for the seventh week in a row, which reflects the positive confidence of the markets in gold.

Technical analysis of gold Jan 23

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