Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Gold prices experienced significant losses in the previous trading session, aligning with the corrective decline anticipated in the preceding technical report. The prices reached the specified targets at 2325, hitting a low of $2295 per ounce.
From a technical analysis perspective today, a detailed examination of the 4-hour timeframe chart reveals the continued negative pressure exerted by the simple moving averages from above. Additionally, clear negative signals are observed on the 14-day momentum indicator on shorter time intervals.
As long as daily trading remains below the previously breached support level at 2325, which now acts as a resistance level following the concept of role reversal, the resumption of the downward corrective trend appears likely. The next targets are set at 2270 and 2260, with close monitoring of gold’s behavior around these levels due to their significance for the short-term trend. A breach of these levels would strengthen the downward momentum, potentially leading to a visit to 2233.00.
It’s important to note that crossing upwards and regaining stability in trading above 2325 could mitigate the losses in gold prices, potentially prompting a retest of 2365 initially.
Risk Advisory: Investors should exercise caution given the heightened risk level, particularly amidst ongoing geopolitical tensions, which may result in significant price fluctuations.
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
| S1: |