Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The bearish trend continues to control gold’s movements within a decline to the downside, a few points shy of first official target required to be touched, located at 1850, to record its lowest price of 1852.
From the angle of technical analysis today, and with a closer look at 60-min. chart, the simple moving averages are still pressing the price from the top, accompanied by the advancement of the stochastic gradually bullish momentum.
From here, with intraday trading below 1876, the bearish scenario will remain intact, knowing that trading below 1854 facilitates the mission required to head towards the first official target of the current downside wave of 1845 and later extends towards 1800.
From the top, surpassing the upside of 1886 resistance delays chance for a reversal, but does not negate it, and we may witness a re-test of 1901, Fib 61.80% before resuming the decline again.
| S1: 1854.00 | R1: 1876.00 |
| S2: 1842.00 | R2: 1886.00 |
| S3: 1832.00 | R3: 1901.00 |
