Gold Awaits New Drives

Gold prices opened the current session with a slight upward tendency, and the current moves are witnessing the return of price consolidation above the pivot level 1901.

Technically speaking, looking at the 4-hour chart, we find that the 50-day moving average is trying to push the price higher, with the RSI indicator providing positive signals on short intervals.

Despite the technical factors that support the occurrence of an upward tendency in the coming hours, we prefer to remain neutral until the direction becomes clearer and more precisely, in order to be in front of one of the following scenarios:

In order for a downtrend, the price must stabilize below 1913/1912, with confirmation of the 1901 break, Fib 61.80%, which puts the price under negative pressure with targets around 1882 and 1875.

Activating long positions depends on confirmation of gold breaking the resistance level 1913, this enhances the chances of a rise towards 1927, then 1934, the 50.0% Fibonacci.

S1: 1894.00	R1: 1913.00
S2: 1882.00	R2: 1927.00
S3: 1875.00	R3: 1932.00