Best Opportunities, Vision and Technical Analysis for The Gold 3 April 2019
2019-04-03 09:00 am | Resource: Technical Analysis | No Views : 271
Time frame Used - four hours
Gold is moving in a bearish direction in the near term.
Gold was able to hit the 1294 level where gold is facing selling pressure around this level represented in resistance of the bearish trend line as the yellow metal forming a negative candlestick pattern.
In view of the technical indicators
Both the RSI and Stochastic are indicating to weakness of the indicators.
Therefore, we expect that the gold to fall back to 1285 - 1281 again, and this scenario fails in case of stability above the 1294 level.
The alternative scenario is that gold test level of 1298.
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.
Sell gold around levels of 1294 for targeting 1285 – 1281 with the activation of stop loss in the case of closure above the level of 1294.
Resistance: 1294 - 1298 - 1301
Support: 1286 - 1281 - 1275
Gold fell Friday to record a one-week low as the dollar stabilized, as the British parliament's vote on a draft Brexit deal reached by the United Kingdom and the European Union. The stability of the dollar and the decline of global stocks Global stocks fell on Friday after China posted its weakest quarterly economic growth rate in three decades, underscoring investor concern about trade-related slowdowns in major markets around the…
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