Gold Achieves Strong Gains

The yellow metal prices jumped to achieve noticeable gains with the beginning of the first weekly trading, recording its highest level of 1873 during the early trading of the current session.

On the technical side today, and by looking at the 4-hour chart, we find the simple moving averages continue to hold the price from the bottom and support the upward curve for prices, accompanied by the continuation of the RSI indicator getting positive signals on short intervals.

From here, with the stability of the intraday trading above the previously breached resistance level and now converted to the 1850/1848 support level, the bullish tendency is the most preferred today, targeting 1879/1880 a first target, taking into account that the breach of the aforementioned level extends gold’s gains, opening the way directly towards 1900 .

Trading and stabilizing the price below 1848 delays the bullish chances, but does not cancel it, and we may witness a bearish tendency aimed at re-testing 1838 and then 1829.

S1: 1848.00	R1: 1880.00
S2: 1829.00	R2: 1891.00
S3: 1817.00	R3: 1910.00