Gold Technical analysis 28 December 2018
2018-12-28 08:40 am | Resource: Technical Analysis | No Views : 220
Gold is moving in a bullish direction in the near term.
The purchasing power managed to control the movement of gold to bounce gold once again to reach the resistance level of 1279 where it still faces resistance and selling pressure around this level.
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 fall back to level of 1266-1264 again, and this scenario would fail if gold breached the 1279 level higher.
The alternative scenario is that the gold breached level of 1279 to upside to target levels of 1285-1292.
Sell Gold around 1279 levels targeting 1266, with the activation of stop loss in the case of closure above the level of 1279.
Resistance: 1279 - 1285 - 1292
Support: 1264 - 1253 - 1241
Resistance: 1266 - 1275 - 1285
Oil prices rose more than 1 percent on Monday after a drone attack claimed by Yemen's Houthi rebels sparked a fire at a Saudi oil and gas field. Saudi Aramco's Shaybah oil facility was attacked by a drone on Saturday, raising tensions in the Middle East. This resulted in a fire but no interruption in oil production or transportation. Iran says it has warned the United States not to seize…
- Gold retreats as risk appetite rises early in the week 08:49 am2019-08-19
- Oil rises supported by optimism about trade tensions 09:14 am2019-08-16
- Gold prices fell as trade tensions slowed between US and China 08:39 am2019-08-16
- Gold rises as fears of economic recession and trade war escalate 11:52 am2019-08-15
- Oil prices retreat on recession fears and rising inventories 08:55 am2019-08-15
- Gold is back above 1500 as the yield curve reverses on bonds 11:59 am2019-08-14
- Increased inventories putting pressure oil Brent crude below 61 dollar 08:46 am2019-08-14
- precious metal trades higher with the turnout for safe havens 10:15 am2019-08-09
- Oil Divergence The IEA expects oil demand growth to slow 08:33 am2019-08-09