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Gold traded stabilized within sideways trades that tend to rise, confined from the bottom above the support level 1771 and from the top below the pivotal resistance published during the previous analysis, 1783.
Technically speaking, the price is based above the 50-day moving average, which meets near the support level of 1771, which supports the continuation of the rise, and on the other hand, the price remains stable below 1783.
Consequently, we will remain neutral until a clear signal clarifies the direction more accurately waiting for the following pending orders:
Activation of short positions requires a confirmation to break 1771 to target 1765, a 50.0% retracement, and losses may extend later to visit 1756.
Activating buy orders needs to witness a clear and strong breach of the resistance level of 1783 and the most importantly 1786, and this is a catalyst to enhance the chances of the rally towards 1792 and then 1800 next stops.
| S1: 1771.00 | R1: 1786.00 |
| S2: 1765.00 | R2: 1792.00 |
| S3: 1756.00 | R3: 1801.00 |
