Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Gold prices declined during the previous trading session after failing to maintain stability above the 2645 support level, moving toward the first official target of $2624 per ounce.
Today’s technical analysis indicates a likelihood of continuing the corrective decline. A closer look at the 4-hour chart reveals that the simple moving averages are exerting downward pressure on the price, coinciding with clear negative signals from the 14-day momentum indicator.
With intraday trading remaining below the 2665 resistance level, the downward trend is expected to remain valid, targeting 2622. A breach below this level would accelerate the decline, opening the way toward the next target at 2605.
On the upside, a break above and consolidation beyond 2665 would lead the price to regain its upward trajectory, targeting 2685 and potentially 2700.
Warning: The general directional movement is still upward.
Warning: The level of risk may be high.
Warning: Today, we expect high-impact economic data from the US economy, specifically the “Job Vacancies and Labor Turnover” report, which could lead to significant price volatility.
Warning: The risk level remains high amid ongoing geopolitical tensions, and all scenarios remain possible.
Disclaimer: Trading in CFDs involves risks, and all scenarios are possible. This analysis is not investment advice but rather an interpretation of the current technical landscape for gold.
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