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Gold traded in a tight range above the 1797 support and below the 1816 resistance over the past sessions.
On the daily technical side, gold prices are witnessing stability above 1797, 50.0% Fibonacci correction, which represents the key to protecting the bullish bias and the positive motive for the 50-day moving average that continues to hold the price from below.
We tend to be positive, but cautiously, targeting 1718/1719, a first target. It should also be noted that confirming the breach of the top as mentioned above is a catalyst that extends gold’s gains so that the path is directly open towards 1825.
Trading stability below 1797 50.0% correction renews the opportunity for the bearish bias to dominate, and we are witnessing negative movements whose initial targets start around 1782 and extend later towards 1777.
| S1: 1797.00 | R1: 1819.00 |
| S2: 1782.00 | R2: 1825.00 |
| S3: 1777.00 | R3: 1830.00 |
