Gold continues its gradual rise 2/8/2022

Gold prices continued to achieve gains for the fourth consecutive session, reaching the first target of the previous analysis at 1780, recording its highest level at 1780 during the early trading of the current session.

Technically, by looking at the 4-hour chart, we notice the price stability above the 50-day simple moving average, and the RSI continues to defend the bullish slope.

From here, the daily trading is steadily above the 1761 support level, which encourages us to keep our optimistic expectations, knowing that rising above 1783 extends gold’s gains, opening the door to visit 1792, and then 1800 Fibonacci correction 61.80%, an official awaited station.

The breach below the support level 1761 constitutes a negative pressure factor that may force the price to retest 1748 before attempts to rise again.

Note: Stochastic is around overbought intraday areas.

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: 1761.00	R1: 1783.00
S2: 1748.00	R2: 1792.00
S3: 1739.00	R3:  1805.00