Gold is rising, positivity remains 5/12/2022

Gold prices achieved remarkable gains within the expected upward path during the previous technical analysis, surpassing the official target of 1777, recording its highest level of $1808 per ounce during the early trading of the current session.

Technically, and by looking closely at the 240-minute chart, we notice that gold prices continued to receive a positive incentive from the 50-day simple moving average, which enhances the chances of an increase, in addition to the positive signals coming from the relative strength index.

With gold prices succeeding in confirming the breach of 1786/1788 and now turning it into a support level, that increases the possibility of continuing the rise to visit 1818, the first target, and then 1828 next station.

The decline below 1786 puts the price under negative pressure, and we witness a rapid retest of 1777 and 1768 levels before attempts to rise again.

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: 1788.00	R1: 1818.00
S2: 1768.00	R2: 1828.00
S3: 1758.00	R3:  1848.00