Gold looking for opportunities to rise, eyes are on US data 15/11/2022

The yellow metal prices maintained the expected bullish context during the previous analysis after it retested the 1753 level and returned to the bullish rebound towards the first target required to be achieved in the last analysis at 1772, recording the highest 1775.

Today’s technical view indicates the possibility of resuming the rise based on the continuation of the price, obtaining a positive stimulus from the 50-day simple moving average and positive signals from the relative strength index.

From here and steadily trading intraday above 1757 and in general above 1747, the bullish scenario remains the most preferred, targeting 1780 and 1787 awaited price stations, knowing that skipping upwards and rising above the main resistance 1788 increases and accelerates the strength of the bullish trend, to be waiting for the next 1800 price target.

The decline below 1747 might stop the bullish trend temporarily, and we will witness a retest of 1735 and 1725 respectively.

Note: Monthly US inflation data is due today in “Product Price Index”, and we may witness clear price fluctuations.

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: 1757.00	R1: 1780.00
S2: 1744.00	R2: 1788.00
S3: 1735.00	R3:  1801.00