Gold Technical analysis 4 January 2019
2019-01-04 02:26 am | Resource: Technical analysis | No Views : 291
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 fell Friday to record a one-week low as the dollar stabilized, as the British parliament's vote on a draft Brexit deal reached by the United Kingdom and the European Union. The stability of the dollar and the decline of global stocks Global stocks fell on Friday after China posted its weakest quarterly economic growth rate in three decades, underscoring investor concern about trade-related slowdowns in major markets around the…
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