Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Gold prices continued forming an ascending attack to retest the key resistance level at 1768 after retesting the 1755 support floor.
Technically, we notice that gold continues to obtain a positive stimulus from the 50-day moving average, which continues to hold the price below, supporting the bullish price curve, accompanied by the stability of the RSI above the mid-line 50 within the continuation of attempts to obtain more bullish momentum.
Despite the technical factors that enhance the chances of a rise, we prefer to wait until the breach of 1768, 23.60% correction, is confirmed because it represents one of the most critical directional keys for the current trading levels breach touching 1877 and 1885 respectively.
Note: the clear overbought on stochastic may put the price under temporary negative pressure to retest 1850 to get more bullish momentum before rising again.
| S1: 1857.00 | R1: 1871.00 |
| S2: 1849.00 | R2: 1877.00 |
| S3: 1840.00 | R3: 1885.00 |
