Gold Technical analysis 4 January 2019
2019-01-04 02:26 am | Resource: Technical analysis | No Views : 240
Gold is moving in a bullish direction in the near term.
The Bulls still dominate the gold movement to continue to gain further gains to reach the gold to the resistance levels of 1298-1300 which represents an important resistance 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 retreat to levels of 1292-1285, and this scenario will fail if gold breaks above the 1300 level.
The alternative scenario is that the gold breached level of 1300 higher to target the 1309 level.
Our view is neutral about gold now.
Resistance: 1300 - 1309 - 1325
Support: 1292 - 1285 – 1279
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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