Gold rebounds after touching support 6/10/2022

Gold prices found strong support, as we mentioned during the previous analysis at 1700, explaining that consolidation above 1700 supports the continuation of the positive scenario to return to the bullish rebound, recording a high of $1724 per ounce.

Technically, looking at the chart, we find stochastic motivating the price to rise again, in addition to the continuation of gold getting positive stimulus from the 50-day simple moving average.

Therefore, we target 1732/1730, a first target, considering that the breach of the mentioned level will extend the gains so we will be waiting for the next 1743 stations.

The breach below 1700 renews the chances of negative pressure on the price to retest 1689 and 1683 respectively.

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: 1705.00	R1: 1732.00
S2: 1689.00	R2: 1743.00
S3: 1678.00	R3:  1759.00