Gold Technical analysis 28 December 2018
2018-12-28 08:40 am | Resource: Technical Analysis | No Views : 206
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
Gold prices have stabilized as the performance of the dollar stabilized as investors look to US corporate results and will see retail sales in June in the US today. Most US stocks are flat before the profit market After hitting an all-time high the previous day, stocks in the US were flat mostly in the pre-market market on Tuesday as investors awaited a set of corporate profits. Major banks including…
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