Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The yellow metal opened its first annual and weekly trades with a strong bullish bias, continuing to achieve gains, to record its highest level during the early trading of the current session 1925.
Technically, and by looking at the 240-minute chart, we see a strong bullish momentum coming from the RSI, which comes in conjunction with the positive stimulus of the simple averages that continue to hold the price from below.
From here, the intraday trading above 1906 and in general above the previously broken resistance, which has now turned into a support level around 1896. The daily trend is up, targeting 1936 an initial station, and its penetration increases and accelerates, confirming the continuation of achieving gains inside the ascending price channel heading towards 1950 next stations.
From the bottom, the return of trading stability again below 1896 is able to postpone the bullish scenario, and we may witness a bearish tendency that targets 1870.
Note: Covering the rising gap is effective.
Note: the level of risk may be high
| S1: 1896.00 | R1: 1936.00 |
| S2: 1870.00 | R2: 1950.00 |
| S3: 1856.00 | R3: 1976.00 |
