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Gold Technical analysis 14 December 2018

2018-12-14 07:12 am | Resource: Technical Analysis | No Views : 262

Time frame Used - four hours
Gold is moving in a bearish direction in the near term.
GOLD CHART
Gold broke the resistance level below 1241 forming a technical pattern called a bearish triangle where gold faced heavy selling pressure near 1250 levels.
  In view of the technical indicators
Both the RSI and Stochastic are pointing to weak indicators.
  Therefore, we expect that the gold will target the 1234-1232 levels and this scenario fails in case of closing above the 1241 level again.
The alternative scenario is that the gold retest levels of 1245-1250.
Recommendation
Sell around the 1241 level targeting level of  1234 with the activation of stop loss in the case of closure above the level of  1241.
Resistance: 1241 - 1245 - 1250
Support: 1234-1230-1225
  Direction: Down
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