Gold Needs Careful Consideration

Gold prices witnessed a gradual rise to the upside after it succeeded in confirming the breach of the strong resistance at 1820, which is close to our awaited target of 1551, to settle for recording its highest level during the last session of 1848.

Technically speaking, we find gold is now facing a strong resistance level around 1845, and with a closer look at 240 minutes chart, we find the 50-day moving average continues to hold the price from the bottom in support of the continuation of the bullish tendency, and on the other hand there are negative features that began to appear on the indicator Stochastic.

Consequently, we will adhere to the impartiality of the moment for the second session in a row in order to obtain a high-quality deal, to be in front of one of the following scenarios:

Confirmation of the price of the resistance level of 1845 is a catalyst that increases the probability of hitting the first target 1851 and then 1860 respectively, an initial expected stop.

Activating sell positions again, breaking 1837 requires a correction of 38.20% and most importantly 1830, which facilitates the task required to visit 1820 and 1800, respectively.

S1: 1830.00	R1: 1851.00
S2: 1819.00	R2: 1860.00
S3: 1810.00	R3: 1870.00