Best Opportunities, Vision and Technical Analysis for The Gold 9 April 2019
2019-04-08 11:24 pm | Resource: Technical Analysis | No Views : 258
Time frame Used - four hours
Gold is moving in a bullish direction in the near term.
Gold has already reached to 1301 level as we mention in the previous report, as we mentioned in the previous report, as the buying power pushed the yellow metal higher to hit 1301 again as the yellow metal encountered resistance around this level.
In view of the technical indicators
Both the RSI and the Stochastic are indicating to the arrival of indicators in the overbought area.
Therefore, we expect that the gold will fall back to 1294-1286 once again, and this scenario fails in case of stability above level of 1301.
The alternative scenario is that the yellow metal breach 1301 level to target the 1310 level.
Looking at the daily chart, gold is still consolidating above 61% Fibonacci correction, and The RSI and Stochastic are indicating to the arrival of the indicators in the oversold area and there is a positive divergence between the indicators and the prices which we expect that the gold will target Level of 1321 again.
Buy the Gold around 1294 - 1286 levels for targeting 1301 – 1310 levels with the activation of stop loss in the case of the closure below the level of 1294.
Resistance: 1301 - 1310 - 1321
Support: 1294 - 1286 - 1281
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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