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Gold Technical analysis 7 January 2019

2019-01-07 01:02 am | Resource: Technical Analysis | No Views : 224

Time frame Used - four hours
Gold is moving in a bullish direction in the near term.
GOLD CHART
Gold has seen a short-term correctional movement that has pushed it back down as the bears has managed to take control of the gold movement to retreat under the bullish pressure around the resistance levels of 1298-1300  down to reach the support level of 1279.
  In view of the technical indicators
Both the RSI and the Stochastic are indicating signs of recovery.
  Therefore, we expect that the gold will retest the 1298-10000 levels, Which by breaking it above will target the levels of 1309-1325, and this scenario will fail in case of the gold broke level of  1279 down.
The alternative scenario is that the gold broke level of 1279 down to drop  the gold to  levels of  1266 - 1253.
Recommendation
Buy the gold around the support level of 1279 for targeting levels of  1298-1300 With the activation of stop loss in case of closure below the level of 1279.
Resistance: 1300 - 1309 - 1325
Support: 1279 - 1266 – 1253
  Direction: Up
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