Gold is Rushing Upwards 14/2/2022

The prices of the yellow metal surged remarkably at the end of the trading week that ended last Friday, recording its highest level around $1,865 per ounce, after it succeeded in breaching the resistance level of 1836.

From the angle of technical analysis today, we notice that the 14-day momentum indicator continues to defend the bullish trend, stable according to the mid-line 50, accompanied by the positive motive coming from the 50-day simple moving average, which continues to carry the price from below and meets around 1825 areas and adds more strength to it.

Intraday trading stability above 1840, and in general above 1825, technical factors that increase the possibility of resuming the rise, knowing that the price consolidation above 1872/1870 is a catalyst that contributes to consolidating the gains to visit 1790 waiting stations.

From below, the return of the intraday stability below the previously breached resistance level, which is now converted to a support level according to the concept of trading roles 1842, which increases the probability of touching 1825 before recurring the bullish attack opportunities.

Note: the level of risk remains high.

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: 1825.00	R1: 1870.00
S2: 1800.00	R2: 1790.00
S3: 1780.00	R3:  1915.00