Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Gold began the week with strong upward momentum, reaching its highest level in three weeks at $3,375 per ounce. This move aligns with the bullish scenario outlined in the previous technical report, which identified $3,360 as the initial resistance target.
Technical Outlook – 4-Hour Timeframe:
Gold has established a solid support base around $3,340, which has provided fresh bullish momentum. This is supported by the simple moving averages, acting as dynamic support, and an improving Relative Strength Index (RSI), signaling a gradual recovery in upward momentum.
Probable Scenario – Bullish Bias:
As long as gold holds above $3,340, the bullish outlook remains favored, with $3,376 as the immediate resistance level. A breakout above this point would likely accelerate gains toward the next technical target at $3,392.
Alternative Scenario – Bearish Reversal:
Failure to maintain price action above $3,340 could reactivate a corrective bearish scenario, initially targeting $3,324, with a further decline toward $3,310 if pressure intensifies.
Market Catalyst:
High-impact U.S. economic data is expected today, including monthly and annual Core Consumer Price Index (CPI) reports. This release may trigger significant price volatility across gold and dollar-related assets.
Caution:
Risk remains elevated amid persistent geopolitical and trade uncertainties. All market outcomes are possible, and traders should implement strict risk management.
Disclaimer: Trading in CFDs involves risks, and all scenarios are possible. This analysis is not investment advice but rather an interpretation of the current technical landscape for gold.
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