Best Opportunities, Vision and Technical Analysis for The Gold 8 April 2019
2019-04-07 11:07 pm | Resource: Technical Analysis | No Views : 311
Time frame Used - four hours
Gold is moving in a sideway direction in the near term.
Gold dropped to 1281 level as we mentioned in the previous report as the purchasing power pushed the yellow metal higher to hit level of 1294 again as the yellow metal encountered resistance around this level.
In view of the technical indicators
Both the RSI and the Stochastic are indicating signs of recovery.
Therefore, we expect that gold will breach 1294 level to target level of 1301 again, and this scenario fails in case of instability above level of 1286.
The alternative scenario is that the gold retest level of 1281.
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 – 1290 for targeting 1301 with the activation of stop loss in the case of closure above 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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