Gold is above the ascending channel support 24/1/2023

Gold prices moved in both the bullish and bearish paths during the first trading of this week, to witness a bearish tendency during the middle of the European trading session after it sneaked below 1920, explaining that the infiltration below it led the price directly to retest 1912, recording its lowest level of 1911, to begin the upward rebound again, taking advantage of the floor The support represented by the retest target, to return to touch the first bullish target 1938, recording the highest $1937 per ounce.

Technically, and with a closer look at the 240-minute chart, the price returned to stability above 1920, accompanied by gold prices obtaining a positive incentive from the simple moving averages that support the upward curve of prices, in addition to the continuation of bullish momentum signs.

Hence, the stability of daily trading above 1920, and most notably 1917, encourages us to maintain our positive outlook, continuing towards the second objective of the last report, 1943, and 1950, an expected official station whose targets may extend to 1953 initially.

Remember that the decline below 1917 puts the price under strong negative pressure, aiming to retest 1901 and 1891, respectively.

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: 1917.00	R1: 1943.00
S2: 1901.00	R2: 1953.00
S3: 1891.00	R3:  1969.00