Gold repeats bullish opportunities and positivity needs confirmation 15/3/2023

Positive movements dominated gold prices, but within a narrow path, recording its highest price at $1914 per ounce, trying to benefit from stability above 1895.

Technically, and with a closer look at the 240-minute chart, we find that the price is stable above the 50-day simple moving average, and the relative strength index is stable above the 50-centre line, to enhance the possibility of an increase.

We tend to be positive, but with caution, relying on maintaining positive stability above 1893, targeting 1912/1914 as a first target, noting that price consolidation above the mentioned levels increases and accelerates the strength of the bullish trend, as we are waiting to touch 1922 and 1931 as next stations.

The decline below 1893 puts gold prices under negative pressure to retest the 1884 and 1877 correction of 23.60%, respectively, and we must pay close attention that breaking 1877 opens the way directly towards 1828.

Note: Today we are awaiting high-impact economic data that affects the US economy, the “Producer Prices Index, US Retail Sales, and the New York State Manufacturing Index,” as well as the United Kingdom’s “Annual Budget Report,” and we may witness a high fluctuation in prices at the time of the release.

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: 1893.00	R1: 1912.00
S2: 1884.00	R2: 1922.00
S3: 1874.00	R3:  1931.00