Gold Attacks The Psychological Barrier

Gold opened its first weekly trading with a noticeable rise after the US Congress approved the US $900 billion stimulus package, which pushed gold prices to touch the resistance level of the psychological barrier of 1900 during the Asian session for the current session.

Technically speaking, with the price consolidating intraday above 1884/1880 accompanied by the persistence of gold getting positive signals coming from the RSI in addition to the positive motivation of the simple moving averages.

This increases the probability of continuing the rise, but on condition that the 1900 breach is confirmed, and that increases and accelerates and confirms the strength of the daily bullish trend, with the first target of 1915, bearing in mind that trading above 1915 leads the price towards 1930.

A reminder that the return of trading stability again below 1880 delays the bullish chances, but does not cancel it, and we may witness a bearish tendency targeting a re-test of 1870.

Warning: The level of risk is high.

S1: 1884.00	R1: 1907.00
S2: 1869.00	R2: 1915.00
S3: 1860.00	R3: 1930.00