Market Analysis

Technical Analyses: GOLD reached the target at 1695.00

According to the previous article we wrote, support level $1695.00 has been seen as the target level for bearish traders. All bearish positions taken below the Point of Control level at $1812.00, was seen as long-term bearish opportunity, targeting a strong support level of $1695.00 that was seen as a great taking profit area.

The next step to watch is surely priced correction towards the previous level of $1760.00. This seems to be a long way to go and such a big correction, but assuming stochastic position across all TF this is obvious to happen. If price correction below $1760.00 confirms this level as strong resistance it is likely to see another bearish attack towards $1695.00and even further low. Further down, the downside target is $1,673, which is the meeting point of the PP one-month S1 and the PP one-day S2.