Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The rise in gold prices that began during the previous trading session stopped when the price collided with the 2335 resistance level, forcing it to trade within the negative range.
From the angle of technical analysis today, by looking at the 240-minute time frame chart, we find the price stable below the 2335 resistance level located at the 23.60% Fibonacci retracement, with the simple moving averages continuing to form negative pressure on the price from above.
From here, with daily trading stable below the previously broken support of 2325, located around the 23.60% Fibonacci retracement and converted into a resistance level according to the concept of exchanging roles, the resumption of the downward corrective trend is most likely, targeting 2300 and 2270 as the next official stations.
We remind you that skipping upwards and returning trading stability again above 2325 with the closing of at least an hour candle allows the gold price to reduce its losses in a possible visit to retest 2350, the first target, and the gains may extend towards 2360.
Today, we are awaiting high-impact economic data issued by the American economy, “Estimated GDP reading – quarterly, pending home sales, and unemployment benefits.” We may witness high price fluctuations at the time the news is released.
Warning: The level of risk is high amid continuing geopolitical tensions, and we may witness high price fluctuations.
Note: Trading on CFDs involves risks. Therefore, all scenarios may be possible. This article is not a recommendation to buy or sell but rather an explanatory reading of the price movement on the chart
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