Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Negative trading dominated gold prices during the previous trading session, within the expected bearish context, touching the official target of 1784, recording its lowest price of 1782.
Technically, the possibility of continuing the decline after gold confirmed breaking the 1799 support level, 50.0% correction, turning into a resistance level, in addition to the negative pressure coming from the 50-day moving average.
We will maintain our negative outlook, towards 1778 and 1770, respectively, following official stations. Trading below 1768, 61.80% Fib, increases the strength of the downside trend toward 1858.
Trading above 1799cano postpones the bearish scenario, and we may witness a slight bullish slope targeting the retest of 1810 initially.
| S1: 1778.00 | R1: 1799.00 |
| S2: 1770.00 | R2: 1810.00 |
| S3: 1758.00 | R3: 1818.00 |
