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 RSI; this 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.
Note: The risk level is high.
key levels:
| Support |
Resistance |
| 1797 |
1820 |
| 1789 |
1824 |
| 1781 |
1833 |
