Gold starts attacking the resistance 24/8/2023

For several consecutive sessions, gold prices witnessed a sideways price range confined from below above the support level of 1885 and from above below the level of 1905, so that the transactions of the last trading session witnessed an upward rebound so that gold could initially breach the main resistance level published during the previous technical report 1913, explaining that its break is a catalyst factor It may enhance the gains for the visit of 1922, recording its highest level of $1921 per ounce.

Today’s technical vision, and with a closer look at the 240-minute chart, we find the 50-day simple moving average returned to carry the price from below, supporting an upward bias, and trading stability above the 1913 resistance at 61.80% Fibonacci correction.

From here, with the stability of intraday trading above the support floor of 1900 around the 50-day moving average, which increases the strength of the level above, we may witness a trading session in the positive areas, targeting 1929. We must pay close attention to this level due to its importance to the general trend in the short term, and its breach increases and accelerates the strength of The upward trend is to be waiting for the 1936 and 1945 waiting stations.

Only from below, decline below 1905 puts the price under negative pressure again, to be waiting for the return of the official bearish trend, with targets starting at 1885 and 1875.

Note: Stochastic is around overbought areas.

Note: The risk level may be high.

Note: Today we are awaiting economic data from the summit of the “BRICS”, and “Jackson Hole Economic Forum”, and we may witness high price volatility.

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: 1905.00	R1: 1929.00
S2: 1885.00	R2: 1936.00
S3: 1875.00	R3:  1952.00