Gold Technical analysis 14 December 2018
2018-12-14 07:12 am | Resource: Technical Analysis | No Views : 262
Gold is moving in a bearish direction in the near term.
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.
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
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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