Best Opportunities, Vision and Technical Analysis for The Gold 11 March 2019
2019-03-10 11:18 pm | Resource: Technical Analysis | No Views : 143
Gold is moving in a sideway direction in the near term.
Gold has rebounded to hit the 1300 level as we mentioned in the previous report as the purchasing power managed to control the movement of gold to penetrate the level of 1289 to the upside and hit the target around the levels of 1300 as the gold faced resistance and selling pressure around this level, forming a negative candlesticks pattern.
In view of the technical indicators
Both the RSI and the Stochastic are indicating to the arrival of indicators in the overbought area.
Therefore, we expect that the gold will retreat to levels of 1289-1281 and this scenario fails in case of stabilize above the 1301 level.
The alternative scenario is that the gold break 1301 level higher to test the 1315 level again.
Looking at the daily chart, we notice that gold broke the lower boundary of the up channel and hit to the 61% Fibonacci correction level Forming a positive candle pattern.
Sell gold around the current levels for targeting 1289 - 1281 with the activation of stop loss in the case of closure above the level of 1301.
Resistance: 1301 - 1315 - 1320
Support: 1289 - 1281 - 1277
Gold prices rose after the United States dropped an unmanned Iranian aircraft, raising concerns about tensions between the two countries, as well as expectations of a US interest rate cut. Dow reaches 100 points in the futures market on hopes of a rate cut The Dow Jones industrial average jumped more than 100 points on Friday as Wall Street stocks rose in pre-market trading, buoyed by the belief that the…
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