Gold Maintains The Gradual Rise

Gold prices continue to maintain their gains after it succeeded in building on the psychological barrier of 1800, touching the first target mentioned in the previous analysis at 1835, recording the highest of 1835.

On the technical side today, with the price continuing to obtain a positive stimulus from the 50-day simple moving average, which is accompanied by the stability of trading in general above 1800, and most importantly, 1797 represented by the 50.0% Fibonacci correction.

This enhances the chances of resuming the rise, knowing that the breach of 1835 is an important and basic condition for visiting 1841 the first target. After 1852, an expected initial station, its targets may extend later towards the 1860s, a correction of 23.60%.

On the downside, breaking 1797 can thwart any attempts to continue the rise of gold and put the price under negative pressure again, with the first target of 1781 and 1777, respectively.

Note: Stochastic is trading around overbought areas.

S1: 1811.00	R1: 1841.00
S2: 1797.00	R2: 1852.00
S3: 1781.00	R3:  1871.00