Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Gold prices reversed the expected bullish tendency during the previous analysis. We relied on the stability of trading above the support line of the ascending price channel located at 1825. As we mentioned, any attempts to break the mentioned level can stop the bullish trend and start negative pressure on the price with an official target of 1797.
Today’s technical view indicates the possibility of continuing the decline due to the negative pressure of the simple moving averages to meet the 50-day average around the 1830 resistance level and add more strength to it, which comes in conjunction with the momentum indicator gaining more bearish momentum.
Therefore, the bearish tendency is more likely today to visit 1808 and 1797, the point of my purchase concentration, and breaking it increases the strength of the bearish tendency to open the door to visit 1790 as long as prices are stable below 1828 and most importantly 1830.
Breaching 1830 will postpone the bearish bias, and gold may recover to retest 1840.
Note: CFD trading involves risks; all scenarios may occur.
| S1: 1802.00 | R1: 1840.00 |
| S2: 1790.00 | R2: 1863.00 |
| S3: 1765.00 | R3: 1876.00 |
