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Gold prices managed to successfully retest the support level at 1797, within attempts to rebound upwards, to record its highest level during the previous trading session at 1812.
On the technical side, trading today remains stable above 1797, 50.0% Fibonacci correction that supports the possibility of a rise, as we find the simple moving averages returned to hold the price from below.
This increases the possibility that we will witness an upward bias targeting 1818/1819, a first target. It should be noted that confirmation of the price breaching the mentioned levels may extend gains to visit 1825, 38.20% correction, and then 1830.
From below, trading stability returns below 1797, putting the price under strong negative pressure, and the bearish trend returns to dominate gold’s movements, so we will be waiting for 1782 and 1777, respectively.
| S1: 1797.00 | R1: 1819.00 |
| S2: 1782.00 | R2: 1825.00 |
| S3: 1770.00 | R3: 1830.00 |
