Gold continues to advance 12/10/2023

Gold prices witnessed a gradual, quiet rise to the top within the expected positive outlook, touching the first official target required to be achieved during the previous analysis at 1874, recording its highest level during the early trading of the current session, $1878 per ounce.

Technically, we are leaning toward positivity in our trading, relying on the stability of intraday trading above the 1864 support level, accompanied by gold prices continuing to receive a positive stimulus from the 50-day simple moving average, in addition to the positive signals coming from the 14-day momentum indicator.

From here, with the stability of intraday trading above 1864, and in general above 1838, the bullish scenario remains the most likely, towards the second target of the previous report, 1884, taking into account that the price’s consolidation above 1884 facilitates the task required to be waiting for 1891, the next station, whose targets may extend later to touch 1904.

Sneaking below 1864 postpones the chances of a rise and puts the price under temporary negative pressure, whose goal is to retest 1851. In general, we continue to favor the intraday trend upward unless we witness any trading below 1838.

Note: The risk level is high.

Note: Today we are awaiting highly influential economic data issued by the American economy, the “Consumer Price Index,” and we may witness high volatility when the news is released.

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: 1864.00	R1: 1884.00
S2: 1851.00	R2: 1891.000
S3: 1844.00	R3:  1904.00