Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Positive trades dominated the movements of gold during the previous trading session, nullifying the negative outlook as we expected, in which we relied on trading below the 1799 resistance level; we mentioned that any trading above 1799 would immediately stop the bearish tendency and lead gold to record positive targets starting at 1809. Gold posted Its highest level at 1808.
Technically, and by looking at the 4-hour chart, we find the 50-day moving average trying to push the price to the upside, accompanied by the positive signals coming from the RSI.
With intraday trading remaining above 1799 50.0% Fibonacci correction, this increases the possibility that gold will resume the rise, targeting 1808 and 1814 respectively, taking into account that the confirmation of the last breach is a catalyst that enhances the chances of rising to visit 1825.
The stability of intraday trading below 1799 and stability below 1786 will stop the bullish bias; The bearish trend will dominate the movements of gold, so we are waiting for 1774 and 1768, 61.80% Fibo.
Note: the risk level may be high today.
| S1: 1786.00 | R1: 1814.00 |
| S2: 1768.00 | R2: 1825.00 |
| S3: 1758.00 | R3: 1842.00 |
