Best Opportunities, Vision and Technical Analysis for The Gold 13 March 2019
2019-03-13 05:15 am | Resource: Technical Analysis | No Views : 166
Gold is moving in a sideway direction in the near term.
Gold continues to gain as the gold rebounded to breach 1289 to upside and hit the target around the 1300 levels as the gold faced resistance and selling pressure around this level but it still stability above the Bollinger's moving average line.
In view of the technical indicators
Both the RSI and the Stochastic are indicating improved performance of the indices.
Therefore, we expect that the gold will breach at 1301 to upside for targeting levels of 1315-1320 and this scenario fails in the case of instability at the 1289 level.
The alternative scenario is that the gold dropped to the 1289-1281 levels.
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 candlesticks pattern, and both the RSI and the Stochastic are indicating to the recovery of indicators and accordingly we expect that the gold will target at 1325.
Buy gold around the current levels for targeting 1315 - 1320 with the activation of stop loss in the case of closure below the level of 1289.
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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