Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The technical outlook is unchanged, and the movements of gold did not change significantly during the previous trading session, as part of attempts to breach the resistance level of the psychological barrier 1800, unable to breach it so far.
Technically, by looking at the 4-hour chart, we notice a conflict between the technical signals between the apparent negativity features on the stochastic indicator, which increases the possibility of a decline, in addition to the gold price hitting the 1799 resistance level, 50.0% correction, and between the positive motive 50-d ma and the positive signals coming from the RSI, in addition to confirming the breach of 1768. These are technical factors that support the possibility of continuing the rise.
From here, we prefer to remain neutral for the second session in a row until we determine the trend more accurately, waiting for one of the following scenarios:
Confirming the resumption of the rise requires a clear and robust breach of the 1799 resistance level, 50.0% correction, and most notably 1800, which can consolidate gold gains to visit 1805 and 1815, respectively, initially.
The selling position requires breaking the previously breached resistance-into-support at 1768, with a 61.80% correction. From here, gold will return to the downside trend towards 1742 and 1735.
| S1: 1786.00 | R1: 1800.00 |
| S2: 1779.00 | R2: 1807.00 |
| S3: 1772.00 | R3: 1814.00 |
