If we look at the 4-hour chart of the Gold commodity instrument, it can be seen that the price movement of Gold is moving above the WMA (21) where this condition provides an indication that Gold is having a strengthening momentum. This is also confirmed by the appearance of Convergence between the Gold price movement and the Stochastic Oscillator indicator, thus adding confirmation of the strengthening that will occur in this commodity instrument, where 3330.63 will be tested in the near future. If this level is successfully broken and closes above it, then Gold has the potential to continue its strengthening to the level of 3365.45 as its main target and if the momentum and volatility support it, Gold will continue its strengthening to the level of 3408.90 as the next target, but if on its way to the target levels, there is suddenly a weakening correction that causes Gold to breaks and close below the level of 3245.05, then the strengthening scenario that has been described previously becomes invalid and automatically canceled by itself.

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