Gold breaches resistance, eyes on Fed 3/5/2023

Gold prices jumped, achieving significant gains during the previous trading session, recording its highest level of $2019 per ounce.

Technically, and by looking at the 4-hour chart, we find that gold prices liberated from the symmetrical resistance triangle we referred to during the previous analysis. We find that the simple moving averages continue to support the bullish daily curve of prices and are stimulated by the positive signals of the relative strength index on the short time frames
short.

Therefore, the possibility of resuming the rise may be present during today’s session, knowing that confirming the breach of 2020 increases and accelerates the strength of the bullish daily trend, opening the door for 2030 initial stations, whose goals may extend later towards 2045 expected stations.

Activating the suggested bullish scenario depends on the stability of daily trading above the 1989 support level, and the return of trading stability below it will stop the suggested scenario and lead gold prices to return to the corrective downward path, with an initial target of 1963.

Note: Today, we are awaiting high-impact economic data issued by the US economy, “change in private sector jobs, services PMI, interest rate, Federal Reserve Committee statement and Federal Reserve press conference”, and we may witness high volatility at the time of news release.

Note: the risk level may be high today.

Note: Trading on CFDs involves risks. Therefore, all scenarios may be possible. This article is not a recommendation to buy or sell but rather an explanatory reading of the price movement on the chart.

S1: 1989.00	R1: 2030.00
S2: 1963.00	R2: 2045.00
S3: 1948.00	R3:  2071.00