Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Gold prices continued their upward trend, as anticipated in the previous technical report, reaching the required target at $2700 per ounce and recording a peak of $2704.
From a technical standpoint today, the 4-hour chart reveals the stability of intraday trading above the breached resistance level, now acting as support at 2678, aligning with the role exchange principle. Additionally, the general stability above 2665, supported by positive signals from the simple moving averages, reinforces the bullish outlook.
As long as intraday trading remains above 2678 and, more importantly, above 2665, the upward trend is expected to persist, targeting 2707 initially. A breach of this level would amplify bullish momentum, paving the way toward 2720 and potentially extending to 2736.
On the downside, stability below 2678 could delay the rise but does not negate it, potentially leading to a retest of 2665 before another rebound attempt. However, a decisive break below 2665 would invalidate the bullish scenario, exposing gold prices to negative pressure with initial targets at 2649 and 2630.
Warning: The risks may be high and not proportionate to the expected returns.
Warning: High-impact economic data from the U.S., including the “Annual Consumer Price Index” and “Monthly Consumer Price Index,” is expected today. Significant price fluctuations are likely upon release.
Warning: The risk level remains high due to ongoing geopolitical tensions, and all scenarios remain possible.
Disclaimer: Trading in CFDs involves risks, and all scenarios are possible. This analysis is not investment advice but rather an interpretation of the current technical landscape for gold.
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