Gold continues the upward push 14/4/2023

A noticeable rise in gold prices, continuing to achieve gains for the fifth session in a row within the expected positive outlook, touching the official target station during the last analysis at the price of 2040, recording its highest level of $2048 per ounce.

Today’s technical vision indicates the possibility of resuming the rise, but with caution, relying on the base of gold prices above 2011, and in general above the support of the psychological barrier of 2000, in addition to the continuation of obtaining positive signals from the relative strength index.

Therefore, we maintain our positive expectations, provided that we witness the breach and consolidation of the price above 2050, targeting 2060 as a next target, and the gains of the bullish wave may extend towards 2075.

Retesting 2011 and 2000 still exists as a result of the clear negativity features on the Stochastic indicator, which does not contradict the bullish daily trend.

Note: Today we are awaiting high-impact economic data issued by the US economy, the “Retail Sales” index and the “University of Michigan Preliminary Consumer Confidence” index, and we may witness high volatility at the time of the news release.

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: 2011.00	R1: 2060.00
S2: 1982.00	R2: 2076.00
S3: 1964.00	R3:  2105.00