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Best Opportunities, Vision and Technical Analysis for The Gold 9 April 2019

2019-04-08 11:24 pm | Resource: Technical Analysis | No Views : 258

We offer you a gold analysis denominated by US dollars on Tuesday, April 9, 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 bullish direction in the near term.
GOLD CHART
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.
Big Picture
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.
GOLD DAILY CHART
Recommendation
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
  Direction: Up
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