Gold Attacks The Resistance

Gold prices surged significantly at the end of last week’s trading, within the expected bullish path in the previous analysis, in which we relied on confirming the breach of 1789, targeting 1799 to surpass the official target station, recording the highest of 1813.

Technically, by looking at the 4-hour chart, we notice the stability of the intraday trading below the 1799 resistance level represented by the 50.0% Fibonacci correction as shown on the chart. We saw the negative signs that started to appear on the stochastic indicator.

Therefore, we may witness a temporary bearish bias in the coming hours so that gold can gather bullish momentum, targeting 1774 before attempts to rise again. Note: the temporary bearish bias contradicts the daily bullish trend, with official targets are around 1830/1825 as soon as 1811 is breached.

Note: the level of risk is high.

S1: 1774.00	R1: 1811.00
S2: 1756.00	R2: 1830.00
S3: 1735.00	R3:  1848.00