Best Opportunities, Vision and Technical Analysis for The Gold 2 April 2019
2019-04-01 11:26 pm | Resource: Technical Analysis | No Views : 291
Time frame Used - four hours
Gold is moving in a bearish direction in the near term.
Gold is still facing selling pressure and continues to bleeding losses as bears managed to push the yellow metal back down again to reach the 1286 level as we expected in the previous report.
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 gold will target 1294-1298 levels and then to decline again and this scenario fails in case of stability above level of 1301.
Looking at the daily chart, gold is still consolidating above 61% Fibonacci correction, and both the RSI and Stochastic are indicating to the arrival of indicators to the oversold area.
Buy gold around levels of 1286 for targeting 1294 – 1298 with the activation of stop loss in the case of closure below the level of 1286.
Resistance: 1294 - 1298 - 1301
Support: 1286 - 1281 - 1275
Precious metals traded with gains on Monday as uncertainty surrounding Brexit, the US-China trade war and fears of a global economic slowdown continued. In Britain, Prime Minister Boris Johnson is competing round the clock to gather support for his deal on Brexit, where MPs postponed a vote on the deal over the weekend. Johnson will push for a meaningful new vote today. Meanwhile, the first trade agreement between Washington and…
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