Noor Trends News, Technical Analysis, Educational Tools and Recommendations
We adhered to intraday neutrality during the previous analysis, explaining that we are waiting for confirmation of the breach of the 1790 level to activate the selling positions with an initial target of 1782 so that gold will succeed in touching the awaited target, recording its lowest level at 1782.
On the technical side today, and with the continued effect of the bearish technical structure shown on the chart, in addition to the stability of trading below the pivotal resistance 1799 represented by the 50.0% Fibonacci correction.
This encourages us to maintain our negative outlook, targeting 1778 and 1774 respectively, and it should be noted that breaking 1774 will extend gold’s losses to make the way open to visit 1768, 61.80% correction, an awaited target.
The breach of 1799 can completely thwart the bearish scenario and gold recovers, and we are waiting for new gains that start at 1811 and extend to 1820.
| S1: 1778.00 | R1: 1799.00 |
| S2: 1768.00 | R2: 1811.00 |
| S3: 1757.00 | R3: 1820.00 |
