Gold Retest Resistance And Positivity Remains

Gold prices found a solid support floor around 1723, which forced the price to rally up again to retest the 1747 resistance level.

On the technical side today, and by looking at the 4-hour chart, we find gold succeeded in stabilizing intraday above 1736, and we see the 50-day moving average that supports the upward curve for prices.

Therefore, a bullish bias is likely today, provided that the breach of 1747 is confirmed, targeting 1755/1756 the first target, and after that 1765 Fibonacci retracement of 50.0%, an official station awaited.

Trading below 1736 and the most important 1730 is able to thwart the bullish attempts, and we may witness downside movements with initial targets 1713 and 1708, respectively.

S1: 1729.00	R1: 1755.00
S2: 1713.00	R2: 1765.00
S3: 1708.00	R3: 1780.00