Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The yellow metal prices jumped, as we expected, to touch the second official target to be achieved mentioned in the last report published on January 4-2021, located at 1950, highest level during yesterday’s session at 1955.
On the technical side, and by looking at the 4-hour chart, we find the simple moving averages that support the upward curve for prices, and the RSI indicator is stable above the middle line on the short time intervals.
Therefore, with the stability of the intraday trading above the previously penetrated resistance-into-support at 1935, the bullish bias is likely today targeting 1956 as a first target, breaking it increases and confirms the strength of the bullish bias to visit the second target 1966.
Activation of the suggested bullish scenario depends on price stability above 1935 and breaking it puts the price under temporary negative pressure whose initial target is to re-test 1924.
Note: The risk level may be high today.
| S1: 1935.00 | R1: 1956.00 |
| S2: 1924.00 | R2: 1966.00 |
| S3: 1914.00 | R3: 1977.00 |
