Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Gold continues its steady upward movement, maintaining bullish momentum in line with the positive outlook presented in the previous report. The metal has gradually approached the projected target of $3,390, recording a session high of $3,385 per ounce.
Technical Outlook:
After testing the $3,385 resistance level, gold experienced a brief intraday pullback, reflecting short-term profit-taking. Nonetheless, the broader uptrend remains intact, supported by price stability above the 50-period Simple Moving Average (SMA), which acts as dynamic support. Additionally, the key support zone at $3,365 continues to hold, reinforcing the potential for renewed upward movement.
The Relative Strength Index (RSI) has exited overbought territory and is showing signs of recovery, suggesting potential for a fresh bullish push.
Likely Scenario:
As long as gold holds above the $3,365 support level, the positive outlook remains valid. A confirmed breakout above $3,390 would likely act as a bullish catalyst, with upside targets at $3,400 and $3,410.
Alternative Scenario:
A clear break below $3,363, especially on a closing basis, may trigger a temporary corrective move, targeting the next support at $3,347.
Warning:
Risk remains elevated amid ongoing geopolitical and macroeconomic uncertainty. Sharp price movements are possible, and traders are advised to maintain disciplined risk management strategies.
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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