Best Opportunities, Vision and Technical Analysis for The Gold 12 April 2019
2019-04-12 01:32 am | Resource: Technical Analysis | No Views : 259
Time frame Used - four hours
Gold is moving in a bearish direction in the near term.
Gold ended yesterday's trading session on a heavy decline to lose a large part of its gains during the evening trade as the selling force managed to push the yellow metal to witness further decline to reach the level of 1293 trying to consolidate the highest level.
In view of the technical indicators
Both the RSI and the Stochastic are indicating the arrival of indicators to the oversold area.
Therefore, we expect that gold will test 1301 level again, and this scenario fails in case of instability level of 1293.
The alternative scenario is that gold drop to 1286-1281 levels.
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 129301 levels for targeting 1301 levels with the activation of stop loss in the case of the closure below the level of 1293.
Resistance: 1310 - 1315 - 1321
Oil prices rose on Friday as recession fears eased somewhat after better-than-expected US retail sales figures. Supported by optimism about trade tensions between the US and China. US President Donald Trump said he would make a phone call soon with his Chinese counterpart, Xi Jinping, after Beijing pledged to respond to US tariffs. Nigeria aims to increase its oil production to 3 million barrels per day by 2023 In other…
- Gold prices fell as trade tensions slowed between US and China 08:39 am2019-08-16
- Gold rises as fears of economic recession and trade war escalate 11:52 am2019-08-15
- Oil prices retreat on recession fears and rising inventories 08:55 am2019-08-15
- Gold is back above 1500 as the yield curve reverses on bonds 11:59 am2019-08-14
- Increased inventories putting pressure oil Brent crude below 61 dollar 08:46 am2019-08-14
- precious metal trades higher with the turnout for safe havens 10:15 am2019-08-09
- Oil Divergence The IEA expects oil demand growth to slow 08:33 am2019-08-09
- Oil regains some losses after OPEC and its partners cut production 11:25 am2019-08-08
- Gold prices retreated with relative calm on trade concerns and silver jumping 09:41 am2019-08-08