country flagالعربية

Gold Technical analysis 17 December 2018

2018-12-16 11:03 pm | Resource: Technical Analysis | No Views : 218

Time frame Used - four hours
Gold is moving in a bearish direction in the near term.
Gold broke the level of 1241 below forming a technical pattern called a descending triangle where the gold faced heavy selling pressure nearly from the levels of 1250 to drop to the support level of 1234 as we mentioned in the previous report, and touches the main up trend line 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 1241-1245 and this scenario fails if the 1234 level is broken.
The alternative scenario is that the gold broke the 1234 level below to target the 1229 level.
Buy around the 1234 level targeting 1241 - 1245 with the activation of stop loss in the case of closure below the level of 1234.
Resistance: 1241 - 1245 - 1250
Support: 1234-1229-1225
  Direction: Down
Technical Analysis
Commodities Analysis
Bitcoin News

Other news

Gold prices fell with the rise of futures for US stocks during Friday trading

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…

More news

Best trading brokers

All Rights Reserved
Risk Disclaimer: Trading in foreign exchange market (Forex) includes the risks and the possibility of loss. That is why we are keen on providing the highest quality news and analysis concerning the different markets traded. The opinions expressed in the site indicate the opinion of the author only and not the views of the administration or the public, knowing that errors could be encountered and there is a possibility to commit them. Before starting to trade you should carefully consider your investment objectives, and review the level of experience and risk appetite. In some cases, possible high leverage can lead to loss of funds invested, so you can not invest money that you can not handle its possible loss. You should be aware of all the risks associated with foreign exchange trading and seek for advices from an independent financial advisor if you have any does not assume any responsibility after the occurrence of financial loss to the dealer and the user carries full responsibility for the losses resulting from the use of news, analysis and data on the site.