Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Gold prices continue their ascent, reaching historic peaks at $2236 per ounce in the previous trading session, surpassing the previous record of $2224.
From a technical perspective, today’s movements show stability above the resistance level of 2222, with the simple moving averages providing support for the daily upward price trend.
With trading maintaining above the crucial support level of 2222, the upward trajectory remains the favored scenario, with the next target set at 2255. Breaking through this level serves as a significant catalyst, further bolstering the strength and pace of the upward trend, paving the way directly towards 2277.
It’s important to note that a temporary negative pressure may ensue if the hourly candle closes below 2222, potentially leading to a retest of 2192 before resuming upward movements.
Risk levels are notable and may not necessarily align with expected returns.
Additionally, today’s market awaits a speech by Jerome Powell, Governor of the Federal Reserve, which could induce high levels of price fluctuation.
Given the ongoing geopolitical tensions, the level of risk remains elevated, potentially resulting in increased price volatility.
Note: Trading on CFDs involves risks. Therefore, all scenarios may be possible. This article is not a recommendation to buy or sell but rather an explanatory reading of the price movement on the chart
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