Noor Trends News, Technical Analysis, Educational Tools and Recommendations
For the second session in a row, levels of 2157 were able to limit the downward trend witnessed by gold prices, maintaining positive stability, and at the time of the report, it was trading around $2165 per ounce.
From the angle of technical analysis today, by looking at the 4-hour time frame chart, we notice positive crossover signals coming from the Stochastic indicator, trying to gain additional momentum, in addition to the moving averages continuing to provide a positive incentive.
Therefore, the upward trend remains the most likely, with intraday trading remaining above 2152 and generally above the main support of 2145, targeting 2177 and 2185 as initial targets, and the gains may extend later towards 2190 and 2200.
As a reminder, attempts to break the main support 2145 force gold prices to make a bearish correction, with targets starting at 2125 and 2115.
Warning: Today we are awaiting high-impact economic data issued by the American economy, “New York State Manufacturing Index, preliminary reading of the Consumer Confidence Index issued by the University of Michigan,” and we may witness high fluctuation in prices at the time the news is released.
Warning: The level of risk is high amid continuing geopolitical tensions, and we may witness high price volatility.
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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