Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Gold recorded rebound attacks to the upside during the previous trading session to retest the 1770 resistance level after recording its lowest level at 1747.
Today’s technical vision indicates the possibility of resuming the bearish bias based on the negative pressure of the 50-day moving average, in addition to the negative crossover signals coming from the stochastic indicator.
From here, and with the continued stability of trading below the resistance level of 1768 represented by the 61.80% Fibonacci correction, the bearish scenario remains valid and effective, targeting 1746 and 1735 respectively.
Trading stability above 1768, and most importantly 1770, will immediately stop the suggested bearish scenario, and we may witness temporary positive movements whose primary objective is to retest 1781.
| S1: 1746.00 | R1: 1768.00 |
| S2: 1735.00 | R2: 1781.00 |
| S3: 1723.00 | R3: 1792.00 |
