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Best Opportunities, Vision and Technical Analysis for The Gold 10 April 2019

2019-04-09 11:21 pm | Resource: Technical Analysis | No Views : 200

We offer you a gold analysis denominated by US dollars on Wednesday, April 10, 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 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.
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 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
Support: 1301-1294-1286
  Direction: Up
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