Gold shines in the markets 7/11/2022

Gold prices jumped at the end of last week’s trading. We adhered to intraday neutrality in the previous report, explaining that we are waiting to activate the pending orders, a pending buy order above 1647, to open the door to 1660 and then 1677, recording its highest level at $1681 per ounce.

Technically, we find the 50-day simple moving average that provides a positive stimulus in support of the daily bullish curve in prices, in addition to the success of gold in breaching the pivotal resistance-into-support at 1660, 23.60% Fibonacci correction as shown on the 4-hour chart.

Therefore, the chances of the rise may be present and effective, targeting 1686 official stations awaited. The price behaviour must be monitored well around this level due to its importance to the general trend in the medium term. Its break is capable of consolidating gains towards 1692 and 1700.

The decline below 1660 renews the chances of negative pressure to retest 1640 before attempts to rise again.

Note: Stochastic is around overbought areas.

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: 1639.00	R1: 1692.00
S2: 1607.00	R2: 1713.00
S3: 1586.00	R3:  1745.00