Relevance up to 13:00 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Technical outlook:
Gold prices rose through $1857 highs before finding resistance late during the New York Session on Thursday. The yellow metal is seen to be trading around the $1846 mark at this point in writing and is expected to find support close to $1830 intraday. Bulls will be poised to resume higher thereafter and hold prices above $1805 interim lows.
Gold prices are broadly within a counter-trend rally since the $1,786 low registered in May 2022. The precious metal has successfully terminated the first and second waves around $1,880 and $1,805 respectively. If the above structure holds well, prices are on their way towards $1920 going forward.
Gold prices might encounter intraday support around the $1,830 mark, in line with the Fibonacci 0.618 retracement of its lower degree upswing between $1,815 and $1,857. Notably, the metal is working on a larger degree downswing between $1,998 and $1,786 and the Fibonacci 0.618 retracement is seen towards $1,920 as well. There is a high probability of a bearish turn thereafter.
Trading plan:
Potential rally through $1920 against $1781
Good luck!
