A quiet, gradual rise dominated gold prices during the previous trading session’s dealings within the targeted bullish path, touching the first target to be achieved yesterday at the price of 2020, recording the highest of
2028
per ounce.
Technically, and with a closer look at the 240-period chart, we find that gold prices are still stable above 2000, as it established a good support ground around 2006. The 50-day simple moving average supports the possibility of rising again. The stochastic indicator tries to gain enough additional momentum to push the price higher.
With the stability of intraday trading above 2000, the bullish scenario remains valid and effective, knowing that the breach of 2008 and the consolidation of the price above it is a catalyst factor that enhances the chances of touching 2014 and then 2023, an initial official station for the current trend, and the gains may extend later towards 2040.
Closing below 2000 puts gold under rapid negative pressure, targeting 1966 and 1960 respectively. In general, we suggest the overall bullish trend as long as trading remains stable above 1960, representing the key to protecting the bullish trend in the short term.
Note: Today we are waiting for USD high-impact economic data “Core PPI m/m, PPI, Unemployment claim” and from the Canadian economy, we await ”BOC Gov Macklem Speaks” in addition to “IMF and G20 meetings”. We may witness high volatility at the time of the news release.
Technically, and with a closer look at the 240-period chart, we find that gold prices are still stable above 2000, as it established a good support ground around 2006. The 50-day simple moving average supports the possibility of rising again. The stochastic indicator tries to gain enough additional momentum to push the price higher.
With the stability of intraday trading above 2000, the bullish scenario remains valid and effective, knowing that the breach of 2008 and the consolidation of the price above it is a catalyst factor that enhances the chances of touching 2014 and then 2023, an initial official station for the current trend, and the gains may extend later towards 2040.
Closing below 2000 puts gold under rapid negative pressure, targeting 1966 and 1960 respectively. In general, we suggest the overall bullish trend as long as trading remains stable above 1960, representing the key to protecting the bullish trend in the short term.
Note: Today we are waiting for USD high-impact economic data “Core PPI m/m, PPI, Unemployment claim” and from the Canadian economy, we await ”BOC Gov Macklem Speaks” in addition to “IMF and G20 meetings”. We may witness high volatility at the time of the news release.