Technical Analyst: Gold prices test a strong support level of $1,822 downwards

Technical analysts believe that the international spot gold price has tested the strong support level of $1,822 downward because of its continued callback tone, which is the confluence of the 4-hour 10-period moving average and the 38.2% Fibonacci retracement level of the weekly chart.


The next relevant support is at the confluence of the 50-period moving average in the 1-hour chart and the 61.8% Fibonacci retracement level in the daily chart, which is $1819. After that, the bears will challenge the dense support levels near $1814, namely the 100-period moving average on the daily chart, the daily axis support level 1, and the weekly 61.8% Fibonacci retracement level.

On the other hand, a rebound in buying may push the price of gold back to the resistance zone of $1827/29, which is the 23.6% Fibonacci retracement level in the daily chart, the previous 4-hour high and the 23.6% Fibonacci retracement in the weekly chart. Dismissal.

The high of $1,832 hit last month may test the interest of the bulls. If it is higher than this level, the high of $1,834 hit in July may once again become the focus. After the break, the target will point to $1,838.

GMT+8 20:46, the international spot gold price reported US$1,823.44 per ounce, down 0.24%.