Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Gold prices rose significantly, nullifying the negative outlook, as we expected during the previous analysis, touching the stop-loss order published during the previous analysis at the price of 1750. Offsetting the losses of the sell position.
On the technical side, today the intraday moves in gold are witnessing stability above the previously breached resistance level 1755, and we find the RSI stable above the 50 midlines.
The road may be opened today to visit 1777 as a first target, and then 1790 next stations, whose targets may extend later to 1800.
The suggested scenario depends on trading stability above 1755 and in general above 1742. It should be carefully noted that a break of 1742 and the most important of 1739 is able to thwart the continued attempts to rise and put the price under negative pressure again, with an initial target that starts at 1723/1720.
| S1: 1742.00 | R1: 1777.00 |
| S2: 1720.00 | R2: 1790.00 |
| S3: 1712.00 | R3: 1812.00 |
