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Gold prices fell during yesterday’s trading to test an important bottom in the medium term, with the rises we witnessed today in conjunction with the decline of the US dollar against other currencies.
Technical forecasts for gold
Gold is trading on the 4-hour time frame in the bearish direction, and was able during the trading to decline to test a retracement area around 1722, and the price stability is currently above that level, pushing prices to retest and touch the bearish trend line around 1753 and 1758.
The purchasing vision on gold changes in the event that prices are able to break 1722 and the negative closing below that level supports further decline in the price of gold.
Support levels 1722, 1700
Resistance levels 1740, 1760