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Best Opportunities, Vision and Technical Analysis for The Gold 8 April 2019

2019-04-07 11:07 pm | Resource: Technical Analysis | No Views : 311

We offer you a gold analysis denominated by US dollars on Monday, April 8, 2019 with the most important expectations for the price of gold denominated by US dollars in the market.
Time frame Used - four hours
Gold is moving in a sideway direction in the near term.
GOLD CHART
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.
Big Picture
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.
GOLD DAILY CHART
Recommendation
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
  Direction: sideway
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