Gold is trying to get rid of negativity 16/11/2022

Gold prices were able to touch the official target of the report issued on yesterday’s session at 1787, explaining that the price behaviour of the mentioned level must be monitored.

Technically, we find gold prices stable in an intraday manner above the support level of 1763. We also find the price stable above the 50-day simple moving average, and we find the stochastic indicator trying to get rid of the current negativity.

From here, the stability of trading above 1663 makes us maintain our positive expectations, targeting 1782 and 1787 respectively. It should be well known that consolidating gains depends on confirming the breach of the supply pivot point 1787 to open the door to visit 1793 and 1800 waiting stations.

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: 1763.00	R1: 1782.00
S2: 1755.00	R2: 1793.00
S3: 1744.00	R3:  1801.00