Gold Builds on Support And Reiterates Bullish Chances

Positive trades returned to control gold’s movements again after it succeeded in building on the solid support floor located at 1771 nullifying the negative outlook expected during the previous analysis touching the stop loss order at the price of 1780. It will stop the negative outlook, and gold will return to trading positively. Its targets are around 1792, to hit its highest level in 1797, compensating for the losses of the selling position.

On the technical side today, and with a closer look at the chart at a 240-minute chart, we find gold is stable above the previously breached resistance level of 1784, and in general above the 1775 level, accompanied by the positive motivation of the 50-day moving average.

Consequently, the bullish chances are the list today to target 1800, bearing in mind that the crossing to the level of 1800 increases and accelerates and confirms the strength of the upside to visit the second target of 1811, a next stop that may extend later towards 1825.

The upside move is intact unless we see any trading below 1775 because that leads the price towards a re-test of 1765.

S1: 1775.00	R1: 1800.00
S2: 1765.00	R2: 1811.00
S3: 1756.00	R3: 1825.00