country flagالعربية
0
0

Best Opportunities, Vision and Technical Analysis for The Gold 6 February 2019

2019-02-05 11:43 pm | Resource: Technical Analysis | No Views : 224

Time frame Used - four hours
Gold is moving in a bearish direction in the near term.
GOLD CHART
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.
Recommendation
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
Technical Analysis
Commodities Analysis
Bitcoin News


Other news

Precious metals trade higher as uncertainty surrounding Brexit

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…

More news

Best trading brokers

All Rights Reserved
Risk Disclaimer: Trading in foreign exchange market (Forex) includes the risks and the possibility of loss. That is why we are keen on providing the highest quality news and analysis concerning the different markets traded. The opinions expressed in the site indicate the opinion of the author only and not the views of the administration or the public, knowing that errors could be encountered and there is a possibility to commit them. Before starting to trade you should carefully consider your investment objectives, and review the level of experience and risk appetite. In some cases, possible high leverage can lead to loss of funds invested, so you can not invest money that you can not handle its possible loss. You should be aware of all the risks associated with foreign exchange trading and seek for advices from an independent financial advisor if you have any doubts.TradingPekk.com does not assume any responsibility after the occurrence of financial loss to the dealer and the user carries full responsibility for the losses resulting from the use of news, analysis and data on the site.