Noor Trends News, Technical Analysis, Educational Tools and Recommendations
We were standing on the fence during the previous trading session due to the importance of the current trading levels for the general trend in the short term.
Technically speaking, gold prices collided with the pivotal resistance published during the previous analysis, 1870, which we indicated as the key to protecting the downside, as the current moves are witnessing stability below the aforementioned level, and we find negative crossover signs appearing on the stochastic indicator accompanied by the clear negative signs on Relative strength index.
Therefore, we may witness a slight bearish tendency during the coming hours, targeting 1850, bearing in mind that breaking the aforementioned level will lead the price to further decline towards 1843.
From the top, the price stabilization again above the pivotal resistance 1870/1875 will immediately stop any attempts to descend, and gold prices will witness a continuation of the bullish trend with the first target of 1883 and may extend later towards 1891 and 1901.
Warning: The level of risk is high.
| S1: 1850.00 | R1: 1871.00 |
| S2: 1843.00 | R2: 1883.00 |
| S3: 1831.00 | R3: 1891.00 |
