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Best Opportunities, Vision and Technical Analysis for The Gold 11 February 2019

2019-02-10 10:09 pm | Resource: Technical Analysis | No Views : 229

Time frame Used - four hours
Gold is moving in a sideway direction in the near term.
GOLD CHART
Gold has rebounded slightly as purchasing power pushed upward to reach the resistance level of 1316 as gold faces selling pressures around this level forming negative candlestick patterns.
  In view of the technical indicators
Both the RSI and Stochastic are indicating to weakness of the indicators.
  Therefore, we expect that the gold will test levels of  1302-1298, and this scenario fails in case of  stability above level of  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
Direction: sideway
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