Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The yellow metal prices are moving marginally to the upside, recording its highest level during the previous trading session 1789, after building on the support of 1770.
On the technical side today, we find the simple moving averages still supporting the bullish price curve, accompanied by positive signs coming from the RSI and its stability above the mid-line 50.
On the other hand, the current negativity of Stochastic increases the possibility that we will witness a bearish bias before resuming the upside. Therefore, we prefer to remain neutral with the conflicting technical signals until the daily trend becomes clearer, waiting for the following orders.
Rising above 1789 increases the chances of 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 intense negative pressure; its initial targets are 1756, while its official target is around 1735.
Note: the level of risk is high.
| S1: 1770.00 | R1: 1793.00 |
| S2: 1756.00 | R2: 1802.00 |
| S3: 1747.00 | R3: 1816.00 |
