Best Opportunities, Vision and Technical Analysis for The Gold 6 February 2019
2019-02-05 11:43 pm | Resource: Technical Analysis | No Views : 224
Gold is moving in a bearish direction in the near term.
Gold is still facing selling pressure to witness further decline to achieve the first bearish target around the 1309 level and then rebound slightly to hit the 1316 level as gold faces resistance of the Bollinger's moving average line.
In view of the technical indicators
Both the RSI and the Stochastic are indicating to lower indicators below the overbought area
Therefore, we expect that the gold will test 1309-1298, and this scenario fails in case of stability above 1326.
The alternative scenario is that the gold re-test the level of 1326, which by breaking it above will target the levels of 1333 - 1345.
Sell Gold around the level of 1316 for the target 1289 with the activation of stop loss in the case of the closure of the highest level of 1316.
Resistance: 1316 - 1326 - 1333
Support: 1309 - 1298 – 1285
Precious metals traded with gains on Monday as uncertainty surrounding Brexit, the US-China trade war and fears of a global economic slowdown continued. In Britain, Prime Minister Boris Johnson is competing round the clock to gather support for his deal on Brexit, where MPs postponed a vote on the deal over the weekend. Johnson will push for a meaningful new vote today. Meanwhile, the first trade agreement between Washington and…
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