Gold Technical analysis 13 December 2018
2018-12-13 12:38 am | Resource: Technical Analysis | No Views : 245
Gold is moving in a sideway direction in the near term.
Gold is still facing resistance and selling pressure around the resistance level of 1250 to fall back to support level 1241 forming a positive candlestick pattern.
In view of the technical indicators
Both the RSI and the Stochastic are indicating signs of recovery.
Therefore, we expect that the gold will target levels of 1250-1254-1260 and this scenario fails if the gold breaks level of 1241 down.
The alternative scenario is to the gold broke level of 1241 down to drop to the 1234 level.
Buy around the support level 1241 for the target 1250 with the activation of stop loss in the case of closure below the level of 1241.
Resistance: 1250 - 1254 - 1260
Gold prices fell on Friday as Wall Street rallied on expectations that the United States and China will finally resolve their trade dispute. Investors are also awaiting retail sales and industrial production results to be announced later today. Yesterday, Chinese customs said they would lift restrictions on imports of poultry meat from the United States and become effective immediately. The drop in gold prices came after White House economic adviser…
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