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Best Opportunities, Vision and Technical Analysis for The Gold 7 February 2019

2019-02-06 11:38 pm | Resource: Technical Analysis | No Views : 238

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 , Where selling pressure once again broke the level of 1309 down towards the level of 1298
  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 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 current level  for the target 1289 with the activation of stop loss in the case of the closure of the highest level of 1316.
Resistance: 1309 - 1316 - 1326
Support: 1298-1285-1277
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