Gold Attacks The Resistance

We adhered to intraday neutrality during the previous report, explaining that we are waiting for gold prices to exit the transverse range from below above 1774 and from above below 1790, explaining that activating buying positions requires breaching 1790 targeting 1799 first target and then 1808 next station to succeed in the price in touching the awaited target Recording a high of 1807.

On the technical side, gold hovers around the previously breached resistance 1799, 50.0% Fibonacci correction, as shown on the chart, and we find the 50-day moving average continues to provide a positive motive, on the other hand, there are overbought signs that started to appear on the stochastic indicator.

We prefer to remain neutral for the moment to obtain a high-quality deal and to maintain the profitability rates that were achieved during yesterday’s session so that we are facing one of the following scenarios:

Restoring the ascending path requires price stability above 1782, as we need to witness a clear and strong breach of the 1808 resistance level, targeting 1812 and 1824, respectively. Activating short positions requires confirming the breach of 1782, and from here, gold prices are witnessing negative pressure again to visit 1774 initially.

S1: 1782.00	R1: 1812.00
S2: 1774.00	R2: 1824.00
S3: 1768.00\	R3:  1842.00