Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The yellow metal prices failed to surpass the level of the pivotal resistance published during the previous analysis, located at 1749, which forced gold to trade negatively again, to re-test the 1730 support level.
On the technical side, trading remaining below the aforementioned resistance increases the possibility that we will witness a bearish tendency, as we find the 50-day moving average that started to pressure the price from the top.
Despite the technical factors that support the negativity, we prefer to confirm the breach of the support level of 1730, targeting 1723, and we should pay close attention to the fact that breaking the latter increases the negative pressure on prices, so that we are waiting for 1710.
A reminder that the activation of the bearish scenario depends on the stability of trading below 1750, and surpassing it upwards is capable of thwarting the bearish tendency and recovering gold with the initial goal of 1762 and 1765, respectively.
| S1: 1723.00 | R1: 1750.00 |
| S2: 1710.00 | R2: 1762.00 |
| S3: 1691.00 | R3: 1775.00 |
