Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Positive trades dominate the movements of gold, taking advantage of building on the strong support floor located at 1810.
On the technical side today, and with a closer look at the 60-minute chart, we notice the return of the price stability above the 50-day moving average, in addition to gold continuing to receive positive signals from the RSI on short time frames.
Therefore, we may witness a bullish tendency during the coming hours, but on condition that the breach of 1830/1832 is confirmed, in order to start the chances of an upside move towards 1837, a correction of 38.20%, and then 1841, .
On the downside, trading again below the pivotal support of 1810 makes the bearish bias impose its control again, targeting 1801, and losses may extend later towards 1792.
Note: Stochastic is still biased towards the negativity.
| S1: 1810.00 | R1: 1832.00 |
| S2: 1801.00 | R2: 1841.00 |
| S3: 1792.00 | R3: 1851.00 |
