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The yellow metal prices recovered during the previous trading session, nullifying the negative outlook as we expected, in which we depended on the stability of trading below the level of 1691 touching the stop-loss order published in the previous analysis, The return of price stability above 1691, a correction of 61.80%, postpones the chances of a decline, fuel for gold to return a test of 1705, compensating for short position losses, saw gold hit 1715 high.
From the angle of technical analysis, and with a closer look at the chart, a 60-minute chart, we find the RSI indicator has returned to stability above the midpoint of 50, and we find the 50-day simple moving average holding the price from below.
From here, and with the stability of trading above 1691 represented by the 61.80% Fibonacci retracement, we may witness a bullish slope targeting 1725.
The return of trading stability below 1691 renews the chances of controlling the bearish tendency again so that we will be waiting for 1687, and then 1665 next stations waiting for the current downside wave.
| S1: 1687.00 | R1: 1725.00 |
| S2: 1665.00 | R2: 1740.00 |
| S3: 1649.00 | R3: 1763.00 |
