Noor Trends News, Technical Analysis, Educational Tools and Recommendations
We adhered to intraday neutrality during yesterday’s session due to a conflict in the technical signals, explaining that we are observing the price behaviour of gold from the bottom above 1729 and above around 1757.
On the technical side, gold begins today by attacking the strong resistance located at 1757, represented by the 38.20% Fibonacci correction as shown on the chart, which converges around the 50-day moving average and adds more strength to it, supporting the bearish trend’s dominance again, on the other hand, the momentum indicator continues to defend a bullish slope.
As the technical signals continue to conflict, we will monitor the price behaviour and wait for the activation of the following pending orders:
To confirm the bullish corrective tendency, we must witness cohesion and a strong breach of the resistance level 1758 to target 1761 initially. It should be noted that attempts to breach 1761 are a motivating factor that increases the probability of touching 1767 and 1779 by 50.0% correction.
Domination of the general bearish trend needs to break 1746 initially to target 1736 and 1729 before determining the next price movement.
Note: The Jackson Hole Economic Forum is taking place today, it has a significant impact on the markets, and we may see random moves.
Note: The preliminary reading of the US quarterly GDP is due, and price volatility may be high.
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.
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