Gold Continues to Achieve Goals and Hovers Around Pivotal Resistance

Gold opened the weekly trades at a noticeable rise within the expected bullish path during the previous analysis, to touch the target of 1920, and approached the target of 1934, to post its highest level at 1933.

Technically, we find that the RSI is stable above the mid-line and supported by the positive motive of the simple moving averages.

Although the price has stabilized above the previously broken resistance-into-support 1901, 61.80% Fib, we believe that there is a possibility of a bearish bias in the coming hours, given the negative features that began to appear on the stochastic indicator, in addition to trading below 1934, 50.0% correction. .

Thus, we may see a re-test of 1901 as a first target and the correction may extend to 1890.

From the upside, confirmation of the price’s breach of the pivotal resistance 1934 is able to negate the downside correction and lead gold to resume the bullish trend with initial targets 1945/1943. Caution: The level of risk may be high

S1: 1901.00	R1: 1943.00
S2: 1878.00	R2: 1958.00
S3: 1863.00	R3: 1983.00