Gold: An Impulsive wave enhances the upward 29/8/2023

Positive trading dominated gold’s movements at the beginning of this week’s trading within the expected bullish path during the previous technical report, in which we relied on stability above the 1913 level, touching the first desired target of 1924, recording its highest level at $1925 per ounce.

Technically, we find that gold achieved a clear consolidation above the pivotal resistance level of 1913, Fibonacci correction 61.80%, which turned into a support level, and we also find that the simple moving averages started to provide a positive motive.

Therefore, the possibility of an upward trend occurring during the coming hours is still present and effective towards the second objective of the previous report, targeting 1929. Care must be taken about this level due to its importance to the general trend on an intraday basis, and breaking it open the door to visit 1933 and 1945 later.

Only from below, infiltration below 1913, with a 4-hour candle closing below it, puts the price under negative pressure again, to be waiting for the return of the official bearish trend, with targets starting at 1905 and 1903.00, and the losses extend towards 1895.

Note: Today we are awaiting high-impact economic data issued by the US economy, “Composite Home Prices” and “Consumer Confidence.”

“Vacancies and labor turnover” and we may witness a high price fluctuation at the time of the news release.

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: 1916.00	R1: 1929.00
S2: 1905.00	R2: 1933.00
S3: 1895.00	R3:  1943.00