Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Gold prices experienced significant gains during the previous trading session, in line with the anticipated positive trend, nearing the historical peak recorded around $2144 per ounce and reaching a high of $2141.
Analyzing the technical aspects today, particularly on the 4-hour timeframe, we observe that the resistance level at $2144, representing the historical peak, effectively halted further upward movement, establishing a formidable barrier. Additionally, the Stochastic indicator is signaling a loss of bullish momentum, indicating a potential shift in sentiment.
With prices currently trading below the crucial resistance of $2144, there is a possibility of a bearish trend emerging in the current session. Initial targets for this downtrend include a retest of $2110 and $2105, with further potential declines to $2095 and $2085 before any subsequent upward attempts.
It is essential to note that a breakthrough above the historical peak at $2144 would likely propel gold prices to achieve additional gains, targeting levels around $2156 and $2165.
Warning: The current market environment carries a heightened level of risk.
Warning: High-impact economic data releases are expected today from both the American and Canadian economies, including changes in private non-agricultural sector jobs, job vacancies, labor turnover rate, and testimony from the Federal Reserve Governor. Expect increased volatility during these releases.
Warning: Geopolitical tensions persist, adding to the overall risk factor and potential for heightened price volatility.
Note: Trading on CFDs involves risks. Therefore, all scenarios may be possible. This article is not a recommendation to buy or sell but rather an explanatory reading of the price movement on the chart
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