Gold hits target, eyes on data 5/8/2022

Gold prices continued to rise gradually to the upside, as we expected, heading to touch the official target station yesterday at 1794, recording its highest level at 1794.

Technically, and by looking at the 240-minute chart, we find the 50-day simple moving average that enhances the chances of rising, in addition to the regular movement within the bullish channel and the positive signals coming from the RSI on the 60-minute time frame.

Therefore, the stability of daily trading above 1772 encourages us to maintain our positive expectations, completing the third target 1802, Fibonacci correction of 61.80%, an initial station. .

The stability return below 1772 postpones the chances of rising, and we witness a retest of 1752.

Note: Today, we are waiting for high-impact data from the US economy, jobs data, unemployment rate and average wages,” and we may witness high price fluctuations.

Note: Trading on CFDs involves risks. Therefore, all scenarios may be possible. This article is not a recommendation to buy or sell but rather an explanatory reading of the price movement on the chart.

S1: 1772.00	R1: 1802.00
S2: 1752.00	R2: 1814.00
S3: 1741.00	R3:  1834.00