Gold is slowly creeping up 14/7/2023

Quiet, positive trading dominated gold price movements in a bullish context during the previous trading session, recording its highest level at $1963 per ounce.

Today’s technical vision indicates the possibility of continuing the rise, depending on the positive impulse from the simple moving averages that support the daily bullish price curve and the bullish technical formation shown on the 4-hour chart.

From here, with steadfast trading above the previously breached resistance-into-support level at 1945, Fibonacci correction 50.0%, the bullish trend is the most preferred, targeting 1970 and 1976 as initial targets that may extend later towards 1988 as an initial main station.

Closing at least an hourly candle below 1945 nullifies the activation of the suggested scenario. The offending trend returns to control gold’s movements, and we are witnessing a re-test of 1933 and 1913 61.80% correction.

Note: Today, we are awaiting high-impact economic data issued by the US economy, “the preliminary reading of consumer confidence,” and we may witness high volatility during the news release.

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: 1954.00	R1: 1970.00
S2: 1945.00	R2: 1980.00
S3: 1933.00	R3:  1988.00