Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The technical outlook is unchanged, and there was little change in the yellow metal after it succeeded in stabilizing above the psychological barrier of 1800 within an ascending path, approaching a few points from the target published in the previous analysis at the price of 1830, recording its highest level at 1827.
Technically, by looking at the 4-hour chart, we notice that gold obtained a positive stimulus from the 50-day simple moving average. We find the price succeeded in stabilizing positively above the previously breached resistance-into-support 1799, 50.0% Fibonacci correction. Furthermore, we find that the RSI is stable above the mid-line 50, which increases the possibility of rising to visit 1830, Fibonacci correction of 38.20%, the first ascending target. The price should be well monitored around the 1835/1830 resistance level strong supply areas, and its breach opens the door for 1860.
Stochastic is trading around overbought areas and may lose momentum, which may indicate the possibility of a bearish bias before rising again, knowing that if a bearish slope occurs during the session, its target maybe around 1799, and the bearish correction may extend towards 1784.
Note: All scenarios are on the table
| S1: 1814.00 | R1: 1830.00 |
| S2: 1805.00 | R2: 1840.00 |
| S3: 1799.00 | R3: 1848.00 |
