Gold touches the bullish targets and positivity remains 4/10/2022

Positive trades dominated the movements of gold as we expected, touching the official targets at 1689. as we mentioned, rising above 1689 extends gains towards 1705, recording its highest level at 1702 during the early trading of the current session.

Technically, and with a careful look at the 240-minute chart, we find the simple moving averages continue to support the upside, stimulated by the clear positive signs on the RSI and its stability above the 50 mid-line.

From here and with stability intraday trading above 1686, the bullish scenario remains valid and effective, targeting 1705, considering that its breach increases the strength of the bullish correction, opening the door to 1730 unless we witness any trading below 1686 and, most importantly 1672.

Note: Stochastic is around overbought areas and we may witness fluctuations until we get the expected daily direction.

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: 1672.00	R1: 1715.00
S2: 1644.00	R2: 1730.00
S3: 1629.00	R3:  1758.00