Gold maintains gains 27/10/2023

A gradual rise in gold prices within the positive outlook expected during the previous report reached the first official target required yesterday at $1994 per ounce, recording the highest price.

Technically, and by looking at the 4-hour time frame chart, we find gold stable above the 1977 resistance level, represented by the 38.20% Fibonacci retracement, accompanied by the positive impetus coming from the 50-day simple moving average, in addition to the continued attempts of the Relative Strength Index to gain more upward momentum. .

Therefore, the bullish scenario remains valid and effective, towards the other targets of the previous analysis, 1996/1994, and then $2002, knowing that crossing upwards and penetrating the level above increases and accelerates the strength of the upward trend, opening the door towards 2017, an official target.

Closing below 1969 puts the gold price under negative pressure, with a target of 1958. Breaking the latter forces the price to visit 1945/1947.

Note: Today we are awaiting high-impact economic data in the US, the Core Personal Consumer Expenditure Price Index and we may witness high volatility.

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: 1974.00	R1: 1996.00
S2: 1961.00	R2: 2005.00
S3: 1952.00	R3:  2018.00