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Best Opportunities, Vision and Technical Analysis for The Gold 8 February 2019

2019-02-08 08:49 am | 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 more selling pressure to witness further decline to hit the 1302 level and then rebound again but it faced resistance and selling pressure around the 1311 level represented by the resistance of the Bollinger's moving average line.
  In view of the technical indicators
Both the RSI and the Stochastic are indicating to the continued decline of the indicators.
  Therefore, we expect the gold to test 1302-1298, and this scenario fails in stability at 1316.
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 levels of 1302 - 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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