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Gold Technical analysis 13 December 2018

2018-12-13 12:38 am | Resource: Technical Analysis | No Views : 245

Time frame Used - four hours
Gold is moving in a sideway direction in the near term.
GOLD CHART
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.
Recommendation
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
Support: 1241-1237-1234
  Direction: sideway
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