Gold Trying to Rise on US Dollar

Positive trading dominated gold during the previous trading session after it succeeded in building on a strong support 19012, in addition to being able to confirm the breach of the resistance mentioned in the previous analysis at 1910, indicating that breaking it increases the possibility of touching 1934 to record a high at 1952.

Technically, looking at the 4-hour chart, we find the current trading is trying to stabilize above 1934, Fib 50.0%, in addition to the positive stimulus from the 50-day moving average that meets around 1901, Fib 61.80%, and adds more strength.

We will maintain our positive expectations, as long as we break the 1953 resistance, targeting 1963/1961 as a first goal, bearing in mind that surpassing the upside and rising above 1965 extends gold’s gains, so we will be waiting for 1981.

As a reminder, the suggested scenario requires an intraday stability above 1934, Fib 50.0%, and the return below the aforementioned level, delays the bullish chances and forces the price to retest the broken resistance-into-support 1901 support, Fib 61.80%

Warning: The level of risk may be high

Warning: We are awaiting the US employment data scheduled for today and it may have a heavy impact on gold’s moves.

S1: 1911.00	R1: 1961.00
S2: 1881.00	R2: 1981.00
S3: 1861.00	R3: 2011.00