Gold Maintains Gains 14/1/2022

The technical outlook remains unchanged, to find that the prices of the yellow metal are trading positively, maintaining the gains that were achieved during this week’s trading, reaching the highest of 1828.

Technically, and by looking at the 4-hour chart, we notice the price’s intraday stability above the support level of 1815, and we find the price moving above the simple moving averages that support the bullish price curve, in addition to the positive crossover signs on the stochastic indicator.

We believe that there is a possibility of resuming the upside. There may be a possibility of extending gains to visit 1831 first target and then 1737 as the next target, considering that confirming the last breach increases the strength of the bullish trend to be 1845 the official station.

Trading below 1815 postpones the chances of rising, and we will witness a bearish slope whose official target is to retest 1797.00, 50.0% correction, before any attempts to rise again.

Note: CFD trading involves risks; all scenarios may occur.

S1: 1816.00	R1: 1832.00
S2: 1806.00	R2: 1838.00
S3: 1797.00	R3:  1845.00