Gold Attacks Resistance, Risk-on mood

Positive trading dominated gold’s movements during the early trading of the ongoing session, attacking the resistance level of 1800, a psychological barrier, to reach the top of 1802.

Today’s technical analysis indicates the possibility of continuing the rise, with the price breaking through the 1797 resistance level, 50.0% correction, in addition to the positive signs coming from the RSI, along with the positive barrier of the 50-day moving average.

Although the technical factors indicate the possibility of a rise in the coming hours, we prefer staying neutral due to the prevalent risk-on mood, leading to one of the following scenarios:

Confirming the bullish bias requires price stability above 1800 on the 240-minute chart, an impetus to visit the 1810 level, followed by 1816.

Activating short positions depends on the return of trading stability again below 1800, and most importantly below 1788, driving the price to the downside, with the target of 1780 and 1770, respectively. Warning: risk-on level is high, and due diligence is required.

S1: 1794.00	R1: 1806.00
S2: 1786.00	R2: 1810.00
S3: 1780.00	R3:  1818.00