Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The technical outlook is unchanged, and there has been little change in gold’s movements. Although, technically, gold begins its morning trading on a bearish slope and shows intraday stability below 1790, the 50-day moving average still holding the price from below, supporting the return of the bullish bias. To negative stochastic.
With technical signals conflicting, we will stand aside for the moment, in order to obtain a high-quality deal, to be in front of one of the following scenarios:
To activate the selling positions, we need to witness a clear and strong break of the pivotal support level 1768, Fibonacci correction of 61.80%, and from here, gold is witnessing negative pressure, its initial target is located around 1762 and 1851, respectively, and losses may extend later to visit 1736.
Long positions requires price stability again above 1788/1790, and this is a motivating factor that enhances the chances of resuming the rise towards 1799, 50.0% correction, and then 1808.
| S1: 1770.00 | R1: 1790.00 |
| S2: 1762.00 | R2: 1800.00 |
| S3: 1751.00 | R3: 1808.00 |
