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Gold’s movements did not witness noticeable changes during last Friday’s trading due to the US market holiday, which led to a decline in trading volumes on the yellow meter, recording a high of $1,772 per ounce.
Technically, and by looking at the chart with a 240-minute interval, we find signs of negativity appearing on the stochastic indicator and losing the bullish momentum. On the other hand, the 50-day simple moving average still holds the price from below, accompanied by the stability of the RSI above the line middle 50.
We tend to be optimistic but cautious, with the price stability above 1747, targeting 1772 first target, considering that continuing the rise requires a breach of 1772, which enhances the chances of visiting 1784 and 1787, respectively.
From below, the decline below 1747 leads gold prices to retest 1732, 61.80% Fibonacci correction, 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.
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