Gold Breaks Through The Resistance 11/1/2022

Gold prices started today’s trading session with a noticeable rise after it announced the reliance on the solid support floor located around 1782. The price is now hovering around the highest level during early trading in 1807.

On the technical side, we find gold prices succeeded in breaching the pivotal resistance 1797 represented by the 50.0% Fibonacci correction, accompanied by the positive motive for the 50-day moving average that returned to carry the price from below.

Therefore, there is a possibility to continue rising in the coming hours to visit 1813, a first target, knowing that breaching the target level can extend gold gains, and we may witness touching 1819 and 1823, respectively.

Below 1797 will renew the chances of a decline to visit 1783 and 1777 awaited stations.

Note: CFD trading involves risks; all scenarios may occur.

S1: 1795.00	R1: 1813.00
S2: 1783.00	R2: 1819.00
S3: 1777.00	R3:  1831.00