Gold Rises On US Dollar Shoulders

The yellow metal prices took advantage of the decline of the US dollar to settle above the psychological barrier of 1700, as part of positive attempts to target a re-test of 1735.

On the technical side today, the stability of trading above the sub-support level 1721/1720 increases the possibility of continuing the rise, in addition to the continuation of the RSI indicator on the bullish momentum in the short time periods.

We tend to be positive in our trading, targeting 1739/1740 the first target, bearing in mind that confirming the recent breach is a catalyst that enhances the chances of re-testing the pivotal resistance 1747.

The activation of the suggested bullish scenario depends on trading stability above 1720, and breaking it will delay the bullishness opportunities, and we may witness a bearish bias with an initial target around 1710.

Note: Stochastic is trading around overbought areas.

S1: 1725.00	R1: 1739.00
S2: 1716.00	R2: 1747.00
S3: 1710.00	R3: 1753.00