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Mixed trades are still dominating gold prices as a result of the price retreating from the bottom above the 1720 support level and from below the 1747 resistance level.
On the technical side today, and by looking at the 4-hour chart, the glory of the 50-day moving average will hold the price back from the bottom, in addition to the stability of the intraday trading above the 1730 support level.
Consequently, we may witness a bullish tendency during the coming hours, with the first target of 1747. It should also be noted that crossing the upside and rising above the aforementioned level will help prices achieve gains that extend to 1756.
From below, confirmation of a break of 1720/1717 puts the price under strong negative pressure. Its initial targets will be 1720 and may extend later to visit 1710.
| S1: 1730.00 | R1: 1748.00 |
| S2: 1720.00 | R2: 1756.00 |
| S3: 1712.00 | R3: 1766.00 |
