Gold continues to advance and may reach new highs 5/1/2023

Gold’s movements showed an upward trend within the expected technical path in the previous report, touching the first official target station at the price of 1865, recording its highest level at 1865.

Technically, the daily trend is still bullish, with the simple moving averages continuing to provide a positive impulse, in addition to the clear positive signs on the RSI and its stability above the mid-line of 50.

With the stability of intraday trading above the support level of 1837, and in general above 1822, the bullish bias is more likely, taking into consideration that the upside skip and the consolidation above the strong resistance 1865 are a catalyst that increases and accelerates the strength of the bullish daily trend, to be waiting for an ounce of gold around 1870 and 1880, respectively. It may extend Earnings later for the 1895 visit.

A decline below 1822 delays the activation of the bullish scenario but does not cancel it, and we may witness a retest of 1808/1810 before attempts to rise again.

Note: Stochastic is around overbought areas, and we may witness some fluctuation before getting the official trend.

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: 1837.00	R1: 1865.00
S2: 1822.00	R2: 1880.00
S3: 1808.00	R3:  1895.00