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Best Opportunities, Vision and Technical Analysis for The Gold 20 March 2019

2019-03-20 09:33 am | Resource: Technical Analysis | No Views : 153

Time frame Used – 60 min
Gold is moving in a bearish direction in the near term.
gold chart
The bears managed to control the movement of gold to drop gold below the level of 1301 again, where we notice that the gold moves below the Bollinger’s moving average line.
  In view of the technical indicators
Both the RSI and Stochastic are indicating to weakness of the indicators.
  Therefore, we expect gold to fall back to 1297-1292 and this scenario fails to hold steady at 1306.
The alternative scenario is that the gold dropped  to the 1289-1281 levels.
Big Picture
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.
gold daily chart
Recommendation
sell gold around the current levels for targeting 1297 - 1292 with the activation of stop loss in the case of closure above the level of 1301.
Resistance: 1306 - 1311 - 1311
Support: 1297-1292-1281
  Direction: Down
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