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Gold Technical analysis 2 January 2019

2019-01-02 05:56 am | Resource: Technical Analysis | No Views : 197

Time frame Used - four hours
Gold is moving in a bullish direction in the near term.
GOLD CHART
The purchasing power managed to control the movement of gold to penetrate the resistance level around the level of 1279 above.
  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 target levels of 1285-1292, and this scenario fails in case of unable stability above level of 1279.
The alternative scenario is that the gold dropped to levels of 1266-1264.
Recommendation
Sell Gold around the 1279 levels for targeting levels of 1285 - 1292, with the activation of stop loss in the case of closure below the level of 1279.
Resistance: 1285 - 1292 - 1298
Support: 1279 - 1266 - 1264
  Direction: Up
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