Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Gold prices exhibited positive movement in the previous session, attempting to halt the ongoing downward correction and showing temporary stability above 2884.
From a technical perspective, despite the bullish momentum observed yesterday, a closer look at the 4-hour chart reveals that the price remains stable above 2868, which corresponds to the 23.60% Fibonacci retracement level—an indicator of potential positivity. Additionally, the simple moving averages are attempting to provide short-term support. However, the Stochastic indicator is beginning to lose its positive momentum, signaling potential weakness.
Given the conflicting technical signals, we prefer to closely monitor price action for one of the following scenarios:
- Bullish Scenario: A sustained hold above 2868, coupled with a confirmed breakout above 2893, could strengthen the upward momentum, paving the way for further gains toward 2910 and 2920.
- Bearish Scenario: A decisive break below 2868 would open the door for a bearish correction, with downside targets at 2850 and potentially extending to 2810.
Risk Warning: Market conditions remain highly volatile amid ongoing trade tensions, and multiple scenarios remain possible.
Disclaimer: Trading in CFDs involves risks, and all scenarios are possible. This analysis is not investment advice but rather an interpretation of the current technical landscape for gold.
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