Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Gold prices found a solid support ground near the psychological barrier of 1800, which pushed the price to bullish rebound with the aim of retesting 1840.
Technically, the current trading is witnessing a slightly bullish bias, but still limited, and with a closer look at the 60-min chart, we find gold is trying to stabilize above 1838, a 38.20% correction accompanied by positive signs of the RSI, which supports the positivity, on the other hand the negative features have begun To appear on the stochastic indicator.
We tend to be negative in our dealings, but we prefer to stand on the fence momentarily until confirming the break of 1827, which facilitates the mission to visit 1813 then 1800.
You should pay close attention and monitor the price behaviour of gold in case it breaks 1800 because this forces the price to enter a strong selling flow, whose initial target is around 1765, a 50.0% correction.
Surpassing the resistance level 1854/1856 and stabilizing above it is capable of completely failing the suggested scenario, and we may witness an upward intraday path aimed at re-testing 1870.
| S1: 1813.00 | R1: 1854.00 |
| S2: 1787.00 | R2: 1869.00 |
| S3: 1772.00 | R3: 1895.00 |
