Best Opportunities, Vision and Technical Analysis for The Gold 11 April 2019
2019-04-11 08:53 am | Resource: Technical Analysis | No Views : 299
Time frame Used - four hours
Gold is moving in a bullish direction in the near term.
Bulls managed to control the movement of gold to reach the yellow metal to the level of 1310 as we expected in the previous report AS the yellow metal faces resistance and selling pressure 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 gold will fall back to the 1301 level, and this scenario fails in case of stability above 1310 level.
The alternative scenario is that gold break 1310 level to reach the 1315 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.
Sell the Gold around 1310 levels for targeting 1301 levels with the activation of stop loss in the case of the closure above the level of 1310.
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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