Gold: Ascending Gradually

Positive trades dominated the gold price movements during the morning session of the current session, recording its highest level at 1850.

On the technical side, and by looking at the 240-minute chart, we find gold is stable above the support level of 1838 represented by the 38.20% Fibonacci correction accompanied by the positive motivation of the 50-day moving average supported by the RSI having bullish momentum on short time frames.

Technical factors favor a further upside, but we will maintain the same technical conditions for the previous report and await confirmation of a breach of 1856 to enhance the chances of a rally towards 1862 and the gains may extend to the visit of 1872.

To remind you that price stability again below 1838 renews the chances of controlling the bearish tendency so that the roads will be directly open to target 1827 and then 1800.

Note: The speech of US President-elect “Joe Biden” is due today and that may have a significant impact on the market movement.

S1: 1838.00	R1: 1855.00
S2: 1827.00	R2: 1862.00
S3: 1820.00	R3: 1872.00