Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Bearish trading tends to the positivity that dominated gold’s movements during the previous trading session, and there was no significant change in the technical signals.
On the technical side today, we find the simple moving averages still supporting the bullish price curve, accompanied by positive signals coming from the RSI and its stability above the mid-line 50, which increases the possibility of resuming the rise.
We notice that the price continues to obtain positive crossover signals from the stochastic indicator on the 4-hour time frame. Therefore, despite the technical factors that support the possibility of more bullish momentum, we prefer to wait for the following conditions to be achieved:
Rising above 1789 increases the chances of gold prices heading to visit 1793 and 1799 50.0% Fibonacci.
The breach of the pivotal support level 1770 and the most important 1768 correction of 61.80% put the price under strong negative pressure, whose initial targets are 1756, while its official target is around 1735.
Note: the level of risk is high.
| S1: 1780.00 | R1: 1792.00 |
| S2: 1770.00 | R2: 1799.00 |
| S3: 1752.00 | R3: 1805.00 |
