Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Gold prices incurred strong losses at the end of last week’s trading within the expected downside path, in which we relied on the existence of a bearish technical structure that supports the decline, surpassing the official target of 1745, recording its lowest price of 1717.
Technically speaking, and with a closer look at the 240-chart, we find the simple moving averages continue their negative pressure on the price from the top, and on the other hand, we found positive signs appearing on the stochastic indicator, accompanied by the emergence of some positive signs on the RSI.
With the conflict of technical signals, we prefer to remain neutral waiting for one of the following scenarios.
To resume the bearish trend, we need to witness a break of 1717 to target 1700, and the decline may extend later towards 1690. Re-activating long positions requires a clear and strong breach of resistance level 1765, which leads the price to a bullish path again, with targets starting around 1777. Note: The risk level may be high today.
| S1: 1719.00 | R1: 1777.00 |
| S2: 1689.00 | R2: 1805.00 |
| S3: 1661.00 | R3: 1835.00 |
