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Gold Technical analysis 18 December 2018

2018-12-17 11:13 pm | Resource: Technical Analysis | No Views : 245

Time frame Used - four hours
Gold is moving in a sideway direction in the near term.
GOLD CHART
The purchasing power managed to regain control of the gold movement again to bounce back from the support level of 1234 as we mentioned in the previous report to reach the resistance level of 1248 as the gold faces resistance and selling pressure around this level forming a negative candlestick pattern.
  In view of the technical indicators
Both the RSI and the Stochastic are indicating to the arrival of indicators in the overbought area.
  Therefore, we expect that the gold will retreat to level of 1241 again and this scenario will fail if gold broke the 1250 level to upside.
The alternative scenario is that the gold broke 1241 level down to target the 1234 level again.
Recommendation
Sell around the level of 1248 for targeting level of 1241 with the activation of stop loss in the case of closure at the highest level 1250.
Resistance: 1245 - 1245 - 1250
Support: 1241-1234-1229
  Direction: sideway
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