Relevance up to 12:00 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Technical outlook:
Gold prices dropped through the $1,811 lows intraday on Thursday and might test the $1,805 interim support before turning higher again. Immediate price resistance is seen at $1,820. A break higher will confirm that a meaningful bottom is in place. Bulls might be poised to hold prices above the $1,805 interim support to keep the structure intact.
Gold has been producing a corrective wave since May 13, 2022, after printing lows at $1,786. Ideally, the yellow metal is on its way towards $1,920 until prices stay above the $1,786 interim support. Also, note that it could be in its third wave rally against the $1,805 lows as bulls prepare to be back in control soon.
Gold prices might drop marginally below $1,805 but should stay above the $1,786 low to keep the near-term bullish structure intact. Besides, note that it is working on a larger-degree downswing between $1,998 and $1,786. A potential target for the corrective rally remains up to $1,920. The Fibonacci 0.618 retracement of the above drop is seen passing through $1,920 as well.
Trading plan:
Potential rally towards $1,920 against $1,781
Good luck!
