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Gold Technical analysis 31 December 2018

2018-12-30 11:33 pm | Resource: Technical Analysis | No Views : 230

Time frame Used - four hours
Gold is moving in a bullish direction in the near term.
GOLD CHART
Gold is still facing resistance and selling pressure around the 1279 level, but it is still consolidating above the minor uptrend line.
  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.
Recommendation
Gold sold 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
Support: 1250-1241-1234
  Direction: Up
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