Gold maintains a gradual climb, eyes on inflation data 10/5/2023

Gold prices achieved the first bullish target required during the previous technical report at 2037, recording its highest level during the early trading of the current session at $2038 per ounce.

Technically, and by looking at the 4-hour chart, we find that gold continues to form an upward trend accompanied by the continuation of the price getting a positive incentive from the simple moving averages, in addition to the stability of intraday trading above 2020 and in general, above 2010.

We tend to be positive, but with caution, towards the rest of the goals of the previous analysis at 2040, and its break can consolidate the gains towards 2047/2048, and the gains may extend later towards 2058.

A decline below 2010 leads the price to retest the main support for the current trading levels at 2000, and in general we continue to suggest the overall bullish trend as long as trading is stable above 2000.

Note: Today, we are awaiting high-impact economic data issued by the US economy, “US inflation data, consumer price index,” and we may witness high 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: 2020.00	R1: 2040.00
S2: 2010.00	R2: 2048.00
S3: 2000.00	R3:  2058.00