Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Gold successfully completed the corrective decline highlighted in the previous report, reaching $3,793, before resuming its upward trajectory and recording a new session high at $3,875 in early trading today.
Technical Outlook:
- Trend: The overall bias remains bullish after the completion of the initial correction wave.
- 50-period SMA: Price continues to trade above the moving average, reinforcing the uptrend as dynamic support.
- RSI: The indicator has cleared overbought conditions and is regaining positive momentum, suggesting renewed buyer control.
Probable Scenario:
- Bullish Case: A confirmed breakout above $3,875 strengthens the upward bias, opening the way to $3,891 and then the psychological barrier at $3,900.
- Bearish Case: Failure to surpass $3,875 could trigger another corrective wave, targeting $3,843 and then $3,810, before buyers attempt to reassert control.
Risk Warning: The risk level remains high and may not be proportional to the potential reward. Heightened volatility is expected today with the release of ADP non-farm employment change.
Note: Trade and geopolitical tensions continue to amplify uncertainty, keeping all scenarios possible.
Risk Disclaimer: Trading CFDs involves risks, and therefore all scenarios may be plausible. The content above is not a recommendation to sell or buy but rather an explanatory reading of price movement on the chart.
| S1: 3810.00 | R1: 3891.00 |
| S2: 3760.00 | R2: 3924.00 |
| S3: 3727.00 | R3: 3973.00 |
