Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Gold prices exhibited mixed behavior during recent sessions, initially continuing the expected corrective decline and approaching the first downside target of $3,312, as highlighted in the previous technical report. The metal recorded a low of $3,315 before reversing course, driven by a sharp rebound following the release of U.S. inflation data. This upward momentum led to a decisive break above the $3,350 resistance level—an outcome previously noted as a potential invalidation of the bearish scenario. Gold is currently trading in positive territory, hovering around $3,360–$3,368, with a session high of $3,377 recorded during early trading.
From a technical perspective, the recent price action indicates that gold has successfully shaken off the negative influence of the moving averages, which have now begun to provide positive support. This shift is reinforced by emerging bullish signals on the Relative Strength Index (RSI), which continues to reflect strong upward momentum despite entering overbought territory.
Given these conditions, there is a reasonable likelihood of a continued upward trend throughout the session, with immediate targets at $3,393. If this level is breached, the rally may extend toward $3,402 and potentially $3,416.
However, traders should remain vigilant. A confirmed break below $3,331 could reintroduce downward pressure, opening the door for a corrective move toward $3,292.
Warning: High-impact economic data from the U.S.—specifically the monthly and annual Core Producer Price Index (PPI)—is scheduled for release today. This may trigger significant price volatility.
Risk Reminder: In light of ongoing global trade tensions, market risk remains elevated, and all scenarios should be considered.
Disclaimer: Trading in CFDs involves risks, and all scenarios are possible. This analysis is not investment advice but rather an interpretation of the current technical landscape for gold.
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