Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Gold prices successfully reached the initial target mentioned in the previous technical report, hitting $2065 per ounce, marking the highest level in the current upward wave.
The current technical analysis suggests a potential continuation of the upward trend, supported by positive signals from the simple moving averages. Intraday trading stability above the 2035 level further reinforces this outlook. The price’s ability to establish a strong foundation on the solid support floor at $2016, represented by the 38.20% Fibonacci retracement, adds to the positive sentiment.
Maintaining optimistic expectations, confirmation of a breach above the $2065 resistance is essential. This breakthrough not only strengthens the upward momentum but also opens the path towards the next official stations at $2070 and $2085, with the possibility of further gains extending to $2015 per ounce.
It’s crucial to note that the sustainability of the upward trend relies on daily trading stability above $2035. A break below this level doesn’t negate the potential for upward movement but may prompt a retest of the $2016 support. Careful monitoring is advised, as a break below $2016 could initiate a significant downward wave, with a short-term target of $1977.
Risk levels are considered high, and it is important to exercise caution. Additionally, given the anticipation of high-impact economic data on the American economy, specifically “NFP, average wages, and unemployment rate” today, significant price fluctuations may occur during the news release.
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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