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Gold Successfully Retests Support

Gold prices successfully retest the pivotal support at 1797, mentioning in the previous analysis that represents the key to protecting the bullish trend, recording its lowest price at 1797; the bullish rebound returns to settle above the strong student area 1800.

Technically, by looking at the 4-hour chart, we find the 50-day moving average continuing to hold the price from below, supporting the ris; thiss comes in conjunction with the stability of the RSI above the mid-line 50. Therefore, with the intraday trading stability above 1800 and above 1797, 50.0% Fibonacci retracement.

The bullish bias is likely today, provided that the price stability breaches above 1820, targeting 1825 initial goal, and its breach is a catalyst that enhances the chances of touching 1830 and 1835, respectively.

The bullish scenario depends mainly on stability above 1797, 50.0% correction, and breaking it will immediately stop any attempts to rise and put the price under strong negative pressure; its initial target is 1780, while its official target is around 1777.

S1: 1797.00R1: 1820.00  
S2: 1790.00R2: 1825.00 
S3: 1781.00   R3:  1835.00  

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