Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Gold prices fell as we expected yesterday to touch the target to be achieved at 1892. We indicated that breaking the aforementioned level forces gold to continue declining towards 1874, posting low at 1872.
Technically, looking at the 4-hour chart, we find that the RSI supports the downside moves, in addition to the confirmation of gold’s breach of 1901 support, which turned into resistance, 61.80% Fib
We maintain our negative outlook towards 1860/1863 as initial targets and may extend to 1856. The bearish scenario depends on the price remaining below 1901 and most importantly 1915.
Warning: the risk level may be high today.
| S1: 1863.00 | R1: 1912.00 |
| S2: 1843.00 | R2: 1941.00 |
| S3: 1814.00 | R3: 1961.00 |
