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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 CHART
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.
Recommendation
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
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