Gold Based on Support And Positivity Needs Confirmation

We adhered to intraday neutrality during the previous analysis due to the conflicting technical signals, explaining that gold is trying to form a support floor around 1880, Noted that the mentioned level represents the key to protecting the bullish trend, to return to the bullish rebound again, targeting the retest of 1905 to record its highest level during the early trading of the current session at 1903.

Technically, and with careful consideration on the 4-hour chart, we find the simple moving averages returned to hold the price from below, accompanied by the stability of the RSI above the mid-line 50, supporting the continuation of the rise.

On the other hand, we find gold prices and found a pivotal resistance level around 1905 accompanied by negative signs that started to appear on the stochastic indicator.

We tend to be positive, but with caution, provided that we confirm the breach of the pivotal resistance level published during the previous analysis, located at the price of 1905, in order to enhance the chances of a rise towards 1915 and from there 1928 the next official station.

In general, we continue to suggest the overall bullish trend as long as trading is stable above 1880, and breaking it will immediately stop any attempts to rise, targeting 1871 and 1865 respectively.

S1: 1883.00	R1: 1905.00
S2: 1871.00	R2: 1915.00
S3: 1861.00	R3: 1927.00