Gold touches the target and consolidates its gains 30/8/2023

Gold prices touched the bullish target at the price of 1929, heading to visit the second target of 1933, recording its highest level at $1938 per ounce.

Today’s technical vision indicates the possibility of resuming the rise, relying on gold prices continuing to receive a positive incentive from the simple moving averages, in addition to the price achieving a clear breach of the 1913 resistance level represented by 61.80% Fibonacci correction, as shown on the 4-hour chart.

From here, with the stability of intraday trading above 1920 and above 1913, the bullish bias remains the most likely, towards the third target of the previous report 1945, an official station around the 50.0% correction. It is desirable to monitor the price behaviour around this level due to its importance to the general trend in the short term, and its break increases and accelerates The strength of the bullish tendency to be waiting for the touch of 1953.

Only from below, a decline below 1913, with a 4-hour candle closing below it, puts the price under negative pressure again, to be waiting for the return of the official bearish trend, with targets starting at 1905, and the losses extending towards 1895.

Note: Today, we are awaiting high-impact economic data issued by the US economy “ADP Employment Change” and “the preliminary reading of the GDP” quarterly, and we may witness a high fluctuation in prices at the time of the news release.

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: 1920.00	R1: 1945.00
S2: 1905.00	R2: 1953.00
S3: 1895.00	R3:  1968.00