Gold Trying to Recover And Looking For Momentum

Gold prices found a solid support floor around 1691, which forced the price to rebound to retest the 1720 resistance level.

Technically speaking, and with the price succeeding in building a base on the support floor of 1691 represented by the 61.80% Fibonacci correction, as shown on the chart, in addition to the beginning of the emergence of signs of a positive structure.

Therefore, we may witness a bullish tendency during the coming hours, provided that 1720 is breached, targeting 1727 a first target that may extend later towards 1737.

A reminder that the temporary bullish scenario requires an intraday stability above 17000 and in general above 1691, knowing that breaking the latter will stop any attempts to rise and the downward trend will return to controlling gold prices so that the way is open directly towards 1686 and then 1665 following official stations.

S1: 1687.00	R1: 1727.00
S2: 1665.00	R2: 1743.00
S3: 1645.00	R3: 1767.00