Best Opportunities, Vision and Technical Analysis for The Gold 10 April 2019
2019-04-09 11:21 pm | Resource: Technical Analysis | No Views : 275
Time frame Used - four hours
Gold is moving in a bullish direction in the near term.
Gold continues to make further gains as the bulls managed to breach 1301 level higher as buying power pushed the yellow metal higher to hit 1306 as the yellow metal faces some selling pressure around the 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 gold will target 1310 level , and this scenario fails in the case of instability above level of 1301.
The alternative scenario is that gold fall below 1301 level to hit 1294 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 1301 levels for targeting 1310 levels with the activation of stop loss in the case of the closure below the level of 1301.
Resistance: 1310 - 1315 - 1321
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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