Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Positive trades have regained control of gold’s movements, as we expected, touching the second target of the previous report, located at 1727, and approaching a few points difference from the last target of 1737, to record its highest level during early trading for the current session 1734.
Technically speaking, we find the 50-day moving average continues to hold the price from below, accompanied by the stability of the RSI indicator above the middle line.
This encourages us to maintain our positive outlook during today’s trading session, targeting 1471 as a first target, bearing in mind that confirming the breach of the aforementioned level extends gold’s gains so that the way is open directly towards 1750 next official stations that may extend their targets towards 1756, 50.0% retracement later.
A reminder that the activation of the bullish scenario mentioned above requires stability above 1715, and an attempt to break it is capable of foiling the bullish scenario, and we witness a re-test of 1700 again.
| S1: 1715.00 | R1: 1741.00 |
| S2: 1698.00 | R2: 1750.00 |
| S3: 1689.00 | R3: 1767.00 |
