Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Gold continues its record-breaking rally, reaching $3,167 per ounce during early trading this morning—hitting the official target outlined in the previous technical report.
From a technical analysis perspective, the 4-hour chart reflects a strong bullish structure, reinforcing the continuation of the current upward trend. Price action remains comfortably above key simple moving averages, which serve as a supportive element for further gains.
As long as intraday trading holds above the $3,112 support level, the next target lies at $3,175. A confirmed breakout above this level could further accelerate bullish momentum, paving the way for a potential test of the $3,200 resistance zone.
However, failure to maintain stability above $3,112 could trigger a short-term corrective move, with the $3,076 support level coming into focus for a potential retest.
Caution: Key U.S. economic data is due for release today, including Weekly Unemployment Claims and the ISM Services PMI. These events may drive sharp market volatility upon release.
Risk Disclaimer: Given the current environment of global trade tensions and heightened market uncertainty, risk levels remain elevated. Traders should be prepared for a wide range of potential outcomes.
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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