Noor Trends News, Technical Analysis, Educational Tools and Recommendations
A gradual rise in gold prices during the first trading sessions of this week within the expected bullish path during the previous analysis, recording its highest level at 1789.
On the technical side today, by looking at the 4-hour chart, and with the regular work within the bullish price channel, in addition to the continuation of the positive incentive coming from the 50-day moving average.
Therefore, we will maintain our positive expectations, towards 1794 and after that 1799 Fibonacci retracement of 50.0%.
The suggested bullish scenario requires the stability of daily trading above the support level of 1777/1775, and breaking the mentioned level is able to thwart the bullish bias temporarily, and we may witness a visit to the levels of 1768, retracement of 61.80%, and 1763, respectively.
| S1: 1775.00 | R1: 1794.00 |
| S2: 1763.00 | R2: 1799.00 |
| S3: 1756.00 | R3: 1813.00 |
