Gold Settled Above Support 7/2/2022

Gold prices succeeded in retesting the main demand area published in the last report, at 1797, which forced the price to rebound bullishly, approaching the required price station at 1820, posting its highest at 1810.

The 14-day momentum indicator provides positive signals on the technical side, and the price stability above the 50-day moving average supports the bullish curve.

With daily trading remaining above the pivotal support floor 1797, the resumption of the bullish trend may be valid and effective, taking into consideration that confirming the breach of the 1810 resistance level may contribute to enhancing the chances of rising towards 1819 and 1825, respectively.

A decline below the mentioned support level may renew chances of negative pressure on gold prices, and we are witnessing a retest of 1782, and it may extend towards the visit of 1773.

Note: Stochastic needs to get more bullish momentum.

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: 1797.00	R1: 1819.00
S2: 1782.00	R2: 1828.00
S3: 1773.00	R3:  1842.00