Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Gold prices succeeded in achieving the positive outlook, as we expected in the previous analysis, touching the first official stop at the price of 1777 and approaching a few points from the legal target of 1790, to settle for recording its highest level of 1783.
On the technical side today, and by looking at the 4-hour chart, we find negative signs appearing on the stochastic indicator, which may push the price to re-test the 1760/1758 support level before attempting to rise again.
Note: the scenario of retesting the support is not inconsistent with the bullish trend, with official targets are around 1794, and after that, 1,800 official stations are expected.
A reminder that confirming breaking 1758 is capable of foiling the bullish trend and putting the price under negative pressure targeting 1745.
| S1: 1745.00 | R1: 1794.00 |
| S2: 1715.00 | R2: 1813.00 |
| S3: 1696.00 | R3: 1843.00 |
