Noor Trends News, Technical Analysis, Educational Tools and Recommendations
We remained neutral in the previous analysis due to the conflict of technical signals, indicating that the confirmation of the bullish trend needs gold to witness a clear breach of the resistance level of 1816, to find that the price collided with the aforementioned resistance level, trading negatively again, recording its lowest level at 1795.
On the technical side today, we tend to be negative in our trading, relying on trading stability below 1816 in addition to the beginning of negative signs appearing on the RSI.
Consequently, we may witness negative movements in the coming hours targeting 1795, and then 1785 primary stations that may extend their targets later towards 177.
From the top, crossing to the upside and stabilizing above 1816 will immediately cancel the suggested bearish scenario, and gold will recover again, targeting 1827 and 1838.
| S1: 1795.00 | R1: 1817.00 |
| S2: 1785.00 | R2: 1827.00 |
| S3: 1775.00 | R3: 1838.00 |
