Gold is gradually rising, eyes are on US inflation data 9/12/2022

Positive trades dominated gold prices within the gradual upward path, as we expected, relying on the success of gold prices in forming a solid support ground around 1764, in addition to confirming the breach of the 1786 resistance level, for gold to record its highest price during the early trading of the current session at $1795 per ounce.

Technically, and when looking closely at the chart, we find that the momentum indicator continues to send positive signals, and this comes in conjunction with the continuation of the positive impulse coming from the simple moving averages that support the continuation of the upward curve of prices.

Therefore, the bullish scenario remains valid and effective, towards the targets of the previous analysis, 1800 and 1805, respectively, and we must pay close attention and monitor the price behavior around 1805, because its breach increases and accelerates the strength of the bullish daily trend, to be waiting for an ounce of gold around 1810 and 1814$.

Note: Today we are awaiting high-impact data issued by the US economy, “the monthly producer price index and the initial reading of consumer confidence,” and we may witness high volatility in prices.

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: 1784.00	R1: 1800.00
S2: 1775.00	R2: 1805.00
S3: 1768.00	R3:  1814.00