Gold prices rose in the intraday levels after forming a positive divergence in the Stochastic indicator as shown below the attached chart in the intraday levels, lending it positive momentum that helped it rise and trespass the resistance of the SMA50, benefiting from its positive support in the coming trading and attacking the resistance of 1,235.77, which represents the ratio 50% of Fibonacci retracement levels for an ascending wave in the short term (from 1,208.88 to 1,262.66).

Therefore we expect more gains to come for the precious metal, provided it settles first above the resistance of 1,235.77, targeting thereafter the resistance of 1,242.12, which represents the ratio 38.2% of the same retracement levels.

Trend Bullish