Gold Opens on The Positive Side

The yellow metal opened the current session with a bullish bias within a gradually bullish path.

Technically speaking, the current moves are witnessing stability above 1901 resistance level, Fib 61.80%, as seen on the 240-minute chart. We find that the RSI above 50 on short time frames with positive signals from the 50 day moving average around 1901.

All this raises the possibility of seeing a bullish tendency during the coming hours, targeting 1920 as a first target, noting that breaking the aforementioned level opens the door to re-testing the previously broken support-turned-resistance 1934.

On the downside, trading remains below 1901 and most importantly 1897 negates the bullish scenario and puts the price under strong negative pressure, with targets at 1891 to 1874.

S1: 1891.00	R1: 1920.00
S2: 1871.00	R2: 1931.00
S3: 1861.00	R3: 1951.00