Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The resistance levels mentioned in the previous analysis at 1910 limited attempts of yellow metals to rise and to remain negative below the 1901 level.
Technically, by looking at the chart, we find that the negative signs are still clear on the stochastic, and this coincides with the RSI giving negative signals.
From here, with intraday trading below 1901 and most importantly 1910, the bearish scenario remains intact, knowing that trading below 1882 puts the price under negative pressure with initial target 1875, while its main targets are around 1867 and may extends to 1860.
The suggested bearish scenario depends on remaining below 1901, correcting 61.80%, and most importantly 1610, noting that surpassing the upside and stabilizing above 1910 is able to negate the bearish scenario and push gold on an upward path with the initial goal of retesting 1934, 50.0% Fib
| S1: 1882.00 | R1: 1912.00 |
| S2: 1867.00 | R2: 1927.00 |
| S3: 1852.00 | R3: 1942.00 |
