Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Gold prices continue to move sideways for the fourth consecutive session, trying to maintain the bullish bias. Technically, and with careful consideration of the 4-hour chart, we find the 50-day moving average that supports the bullish curve in prices, in addition to the stability of trading in general above the pivotal support level 1799 represented by the 50.0% Fibonacci correction.
On the other hand, we find that the price is stable below 1823, unable to breach it until now, accompanied by a loss of the bullish momentum indicator. Therefore, with the continuation of the volatility in a narrow range, in addition to the conflicting technical signals, we will stand on the sidelines to obtain a high-quality deal to be in front of one of the following scenarios:
Activating long positions depends on the stability of trading above 1799, as we need to witness a clear breach of the 1825 level to motivate the price to visit 1830 and 1835.
Activating short positions requires breaking the price and stabilizing it below 1799, which puts the price under negative pressure targeting 1794 and 1782.
| S1: 1804.00 | R1: 1818.00 |
| S2: 1799.00 | R2: 1825.00 |
| S3: 1791.00 | R3: 1830.00 |
