Noor Trends News, Technical Analysis, Educational Tools and Recommendations
On Monday, Spot gold peaked at $1,865.38 a troy ounce, but the rally lost steam after Wall Street’s open, trading at around $1,851. The optimistic tone of equities undermines demand for the safe-haven metal, while the greenback remains out of investors’ radar.
As we expected, the euro made a noticeable push to the upside within the bullish context, touching the first official price station required during the last analysis, at 1.0720, recording the highest level at 1.0748.
Technically, and by looking at the 4-hour chart, we find the euro moved away from the pivotal support level at 1.0670, represented by the 61.80% Fibonacci correction as shown on the chart, in addition to the price stability above the 50-day simple moving average, which continues hold the price from below.
Therefore, these technical factors increase the possibility of resuming the rise that started from the base at 1.0550, targeting 1.0770 50.0% Fibonacci correction as an official price station. Waiting for 1.0800 and 1.0840 later.
The continuation of the suggested bullish scenario above depends on the stability of the intraday trading above 1.0670/1.0660, breaking it and the price stability below it that postpones the chances of rising, but does not cancel it we witness a retest of 1.0550 before attempts to rise again.
Note: Today we are awaiting the results of the Federal Reserve’s meeting later in today’s session, and we may witness high volatility in prices.
Note: Trading on CFDs involves risks. Therefore, all scenarios may be possible. This article is not a recommendation to buy or sell but rather an explanatory reading of the price movement on the chart.
| S1: 1.0665 | R1: 1.0750 |
| S2: 1.1610 | R2: 1.0800 |
| S3: 1.0550 | R3: 1.0840 |
