Best Opportunities, Vision and Technical Analysis for The Gold 18 March 2019
2019-03-18 08:47 am | Resource: Technical Analysis | No Views : 154
Gold is moving in a sideway direction in the near term.
Gold is still facing resistance and selling pressure around levels of 1301-1305 as selling pressure pushed gold to the 1298 level, forming a positive candlestick and forming a higher low from the previous low towards the 1311 resistance level which is expected to be breached above.
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 1311 to upside for targeting levels of 1325-1335 and this scenario fails in the case of instability at the 1292 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 1311 - 1325 with the activation of stop loss in the case of closure below the level of 1292.
Resistance: 1311 - 1325 - 1335
Support: 1292 - 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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