Gold Touches The First Target

During the previous analysis, a quiet rise in gold prices within the expected bullish path, touching the first official leg of the current rally at 1830, recording its highest level at 1832.

Technically, looking at the 4-hour chart, we see that the current movements are witnessing stability below the pivotal resistance level 1830. We mentioned yesterday that it is one of the most critical trend keys. Furthermore, RSI is above the mid-line 50, and these are technical factors that support the possibility of a rise. Still, the rise is confirmed only by breaching 1835/1830, which increases the strength of the bullish trend to pave the way for the second target of the current rising wave 1845 and 1860, respectively.

N: the clear overbought on stochastic is a possibility to retest 1819 and 1812. It knows that trading below the latter opens the door for a further decline to retest the main support 1799 50.0% correction.

Note: The price behavior of gold should be monitored around 1835/1830 and from below around 1799.

S1: 1819.00	R1: 1830.00
S2: 1812.00	R2: 1838.00
S3: 1805.00	R3:  1845.00