Gold trying to maintain positive stability 11/10/2023

Narrow-range side trading witnessed for gold prices during the previous trading session being stable from the bottom above 1853 and from the top below the 1865 resistance level.

The technical vision today indicates the possibility of an increase, relying on the stability of intraday trading above 1847, and in general above the resistance level of 1838, converted into a support level, in addition to the price continuing to receive a positive stimulus from the simple moving averages that support the daily upward curve of prices.

From here, with daily trading remaining above 1838, the bullish scenario remains the most likely, targeting 1874 as the first target, taking into account that the price’s consolidation above 1874 facilitates the required task as we wait for 1886 as the next station whose targets may extend later to touch 1907.

We remind you that the price sneaking below 1838 can completely foil the bullish scenario and initially lead gold prices to retest 1820.

Note: The risk level is high.

Note: Today we are awaiting high-impact economic data issued by the American economy, Producer Price Index and Results of the Federal Reserve Committee Meeting, and we may witness high volatility when the news is released.

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: 1874.00
S2: 1820.00	R2: 1886.00
S3: 1808.00	R3:  1907.00