Gold: Gradual rise continues 19/9/2023

Positive attempts witnessed gold’s movements during the first trading of this week within the gradual upward context, as we expected during the previous technical report, approaching by a few points from the published target of 1936, only to record the highest around $1934 per ounce.

Technically, today gold prices are witnessing attempts to establish a good support floor around 1913, the support represented by the 61.80% Fibonacci retracement as shown on the chart, and we find the simple moving average continuing to provide a positive incentive in support of the possibility of a rise during the day.

Therefore, an increase is possible provided that we witness consolidation and stability of the price above 1930. This motivating factor enhances the chances of visiting 1936 and 1945, the 50.0% Fibonacci retracement, an awaited official station whose gains may extend later towards 1955.

We remind you that the return of trading stability below the pivotal support level of 1913 can thwart the upward attempts and lead gold prices to complete the official downward path with the target of 1900.

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: 1922.00	R1: 1936.00
S2: 1913.00	R2: 1945.00
S3: 1900.00	R3:  1957.00