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Gold prices jumped with this week’s trading, beginning within the expected bullish context during the last report. We relied on the stability of trading above the 1830 support floor, touching the required target 1857, recording its highest price yesterday at 1865.
On the technical side, we notice clear positive crossover signs on stochastic, and this comes in conjunction with the price stability above the 50-day simple moving average.
Therefore, with the regularity of work within the ascending price channel and the stability of daily trading above 1830, the bullish scenario is the most likely, knowing that the confirmation of the 1865 breach extends gold’s gains so that we are waiting for 1876 initial price stations that may extend its targets later to visit 1891.
Remember that the return of the stability of trading below 1830 will immediately stop the current attempts to rise, and we will wait to touch 1820 and 1810, respectively.
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.
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