Gold price surpasses the first target – Analysis - 01-12-2022

Gold price succeeded to surpass our first positive target at 1765.00 to confirm the continuation of the bullish wave on the intraday and short term basis, and the way is open to achieve our next target at 1786.50, and we suggest the continuation of the bullish bias to breach this level and achieve additional gains that reach 1812.00 areas.

Therefore, the bullish trend will remain valid for the upcoming period, supported by the EMA50 that carries the price from below, noting that the continuation of the bullish wave requires holding above 1765.00 and the most important above 1746.40.

The expected trading range for today is between 1760.00 support and 1795.00 resistance.

The expected trend for today: Bullish