Gold Succeeds in Re-testing Support 3/2/2022

Gold prices successfully retest the support level published in the previous report at 1797 to return to the bullish bounce, approaching a few points from the price station required in the last analysis at 1813, to record the highest of 1811.

Technically and carefully looking at the 4-hour chart, we notice that the 50-day moving average constitutes an obstacle around the 1813 resistance level and adds more strength. Furthermore, the chart on the 60-minute time frame indicates positive attempts from the momentum indicator 14 days to get more bullish momentum.

The stability of trading in general above the pivotal support floor 1797 increases the possibility of resuming the bullish bias, provided that the breach of 1813 is confirmed, which may facilitate the pair’s mission to visit 1820 and 1826, respectively.

A decline below 1797 might put the price under negative pressure towards areas of 1786 and 1780 initially.

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: 1813.00
S2: 1786.00	R2: 1820.00
S3: 1779.00	R3:  1830.00