Gold steals the spotlight 13/3/2023

Gold prices jumped on the shoulders of the US dollar after the US jobs data last Friday, close to achieving $1900 per ounce, recording its highest level of 1894.

Today, gold prices consolidated above the support level of 1860, accompanied by the positive impulse from the simple moving averages supporting the bullish daily price curve and stimulated by the clear positive signs on the 14-day momentum indicator.

We believe that the chances of a rise are the most likely, knowing that the price’s consolidation above 1894 enhances the chances of visiting 1900 and 1908 as initial targets for the current upward wave. The gains may extend later towards 1934.

Activating the suggested bullish scenario requires intraday trading to remain above 1878, and in general above 1860. It should be carefully noted that the price’s decline below 1860 puts gold prices under negative pressure to retest 1828, 38.20% correction, before attempting to rise again.

Note: Stochastic is showing some bearish inclination, and we may witness a fluctuation in the price until we get the desired direction.

Note: the risk level may be high today.

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: 1841.00	R1: 1908.00
S2: 1800.00	R2: 1934.00
S3: 1774.00	R3:  1975.00