Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Gold prices declined significantly during the previous trading session within the expected bearish context, to retest the broken neckline around 1776 and return to decline strongly, touching the official target of the current downside wave, as we indicated during the last report around 1735, recording its lowest level at 1736.
On the technical side today, we notice that the simple moving averages still constitute an obstacle to gold, continuing its negative pressure on prices from above, in addition to stabilizing trading below the 1774/1772 resistance level.
Therefore, the bearish scenario will remain valid and effective, knowing that the stability of trading below the support level 1735 increases the strength of the bearish trend to be 1715 the next station, and then 1694 the official awaited station.
Gold prices rallied again above 1774, able to thwart the resumption of the decline, and we may witness attempts to rise temporarily aimed at retesting the 1794 resistance level. Note: The RSI is trying to provide positive signals in short intervals. Note: the level of risk is high.
| S1: 1735.00 | R1: 1772.00 |
| S2: 1715.00 | R2: 1793.00 |
| S3: 1694.00 | R3: 1811.00 |
