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Best Opportunities, Vision and Technical Analysis for The Gold 12 February 2019

2019-02-12 06:00 am | Resource: Technical Analysis | No Views : 221

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 to fall back to support level of 1302.
  In view of the technical indicators
Both the RSI and the Stochastic are indicating the arrival of indicators to the oversold area.
  Therefore, we expect that the gold will test level of  1316 again and this scenario fails in the case of instability above level of  1298.
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
Buy Gold around the current level for the target levels of 1316 with the activation of stop loss in the case of the closure of below level of 1298.
Resistance: 1309 - 1316 - 1326
Support: 1298-1285-1277
Direction: sideway
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