Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Mixed trades dominated the movements of the yellow metal within a stable random context from above below the resistance at 1755 and from below above the support at at 1720.
On the technical side today, we find the 50-day moving average pressuring the price from the top, in addition to the intraday stability below the 1741/1742 resistance level, and these are technical factors that support the continuation of the decline.
On the other hand, the stability of trading above the support level of 1720, accompanied by the entry of the stochastic indicator within the oversold areas, increasing the possibility that we will witness a limited rise again.
From here, and with the technical indicators, we may have to stand on neutrality to obtain a high-quality deal, to be in front of one of the following scenarios:
The activation of short positions depends on the stability of intraday trading below 1741 and in general below 1755. We also need to witness a clear break of the level of 1719 in order to target 1700 primary stations whose targets may extend later to visit 1681.
Activating long positions requires the breach of 1747, and this may be a catalyst for a visit 1755/1756.
| S1: 1717.00 | R1: 1753.00 |
| S2: 1700.00 | R2: 1772.00 |
| S3: 1681.00 | R3: 1790.00 |
