Gold records significant gains 19/10/2023

As we expected, gold prices jumped during the previous trading session to achieve significant gains within the positive outlook. They touched the first target of $1953 and exceeded the second target of $1959, recording the highest level of $1962 per ounce.

Technically, today’s movements are witnessing a retest of the 1945 level, represented by the 50.0% Fibonacci retracement, as shown on the 4-hour chart. The simple moving averages still support the daily upward curve of prices, but some signs of negativity are beginning to appear on the Stochastic indicator, these signs may lead to some fluctuation until the gold price can achieve the desired upward trend.

Therefore, the bullish scenario remains the most preferable. It suggests continuing towards the rest of the objectives of the previous report, 1964, the first target, knowing that breaching it will enhance the gains towards 1976, the next official station.

We remind you that closing the 4-hour candle below 1945, the 50.0% correction, will stop the expected rise, and we may witness a negative trading session aimed at retesting 1925 initially.

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: 1925.00	R1: 1964.00
S2: 1904.00	R2: 1982.00
S3: 1886.00	R3:  2003.00