Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Yellow metal witnessed Positive attempts during the previous trading session, after several consecutive sessions of losses, retesting the resistance level published in the previous analysis located at 1768.
Technically, the current trading is still stable below 1768, 61.80% Fibonacci correction and the simple moving averages are still pressing the metal, in addition to the clear negative features on the stochastic indicator.
Therefore, the bearish scenario will remain valid and effective, targeting 1752 and 1746 respectively, taking into consideration that breaking the latter puts the price under negative pressure to complete the bearish trend towards 1735.
To remind you that skipping the upside and climbing again above 1768, and most importantly 1771, delays the chances of a decline, and we may witness an upward bias, with an initial target of 1781.
| S1: 1746.00 | R1: 1771.00 |
| S2: 1731.00 | R2: 1781.00 |
| S3: 1721.00 | R3: 1796.00 |
