Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Gold prices have continued their upward trajectory, in full alignment with the bullish expectations outlined in our previous report. The metal successfully reached the projected target at $3,390, recording a session high at that level.
Technical Outlook:
Following the test of the $3,390 resistance zone, prices experienced a mild intraday pullback, reflecting temporary selling pressure. However, the broader uptrend remains supported by the 50-period Simple Moving Average (SMA), which continues to serve as dynamic support. Additionally, the Relative Strength Index (RSI) has exited overbought territory, providing room for renewed bullish momentum.
Probable Scenario:
As long as gold holds above the $3,355 level—and more broadly, above $3,350—the bullish outlook remains valid. A confirmed breakout above the $3,390 resistance level would signal the continuation of the uptrend, with potential targets at $3,411, followed by $3,430.
Alternative Scenario:
A confirmed break below $3,350 and sustained hourly close beneath this level could trigger a short-term correction, exposing the price to a potential retest of the $3,329 support area.
Warning:
Market risks remain elevated amid ongoing geopolitical and macroeconomic tensions. Traders should anticipate sharp fluctuations in price, and all scenarios should be considered with appropriate risk management strategies.
Disclaimer: Trading in CFDs involves risks, and all scenarios are possible. This analysis is not investment advice but rather an interpretation of the current technical landscape for gold.
| S1: |