Gold price today: Continuing the old trend

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Brian greetings to all of you!

Today, gold remains in a defensive position around the level of 1,822 - 1,823 USD after bouncing back from the weekly low of 1,813 USD in the early morning trading session. The precious metal is facing difficulties in increasing its price as the Federal Reserve is expected to maintain a 'higher interest rate stance in the long term'.

XAU/USD is decreasing, according to the technical indicators on the 1D chart. The indicators have extended the downward momentum in an extremely oversold region without showing signs of exhaustion. On timeframes such as 1 hour and 4 hours, the price is still sideways as it continues to face strong support at 1800 USD. Sellers would need to break through this support level if they want the price to continue declining further. On the other hand, maintaining stability at this level may present an opportunity for another upward move possibly towards 1845 USD.

Support levels: 1,800 USD, 1,792 USD, 1,779 USD

Resistance levels: 1,824 USD, 1,833 USD, 1,845 USD.

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good lcuk

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