Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Gold prices were able to approach a few points difference from the first official target published in the previous analysis, located at the price of 1800, to record its highest level during the previous session’s trading in 1798.
On the technical side, gold prices found a strong resistance level around the psychological barrier of 1800, which forced the price to trade negatively, to re-test the 1770 support level.
With a closer look at the 240 minutes chart, we tend to be negative, depending on the return of stability once again below the resistance level of 1784, as we notice the negative signs appearing on the stochastic indicator.
Consequently, the opportunity to retest 1765 may be Fibonacci 50.0%, and you should pay close attention to this level, because breaking it is able to pressure gold prices to touch 1756.
Overcoming to the upside and rising again over 1784 and more importantly 1795 increases the chances of returning the bullish bias with the goal of 1800 and 1810 respectively, with initial stops.
| S1: 1765.00 | R1: 1795.00 |
| S2: 1756.00 | R2: 1810.00 |
| S3: 1738.00 | R3: 1822.00 |
