Best Opportunities, Vision and Technical Analysis for The Gold 12 April 2019
2019-04-12 01:32 am | Resource: Technical Analysis | No Views : 338
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
Gold fell Friday to record a one-week low as the dollar stabilized, as the British parliament's vote on a draft Brexit deal reached by the United Kingdom and the European Union. The stability of the dollar and the decline of global stocks Global stocks fell on Friday after China posted its weakest quarterly economic growth rate in three decades, underscoring investor concern about trade-related slowdowns in major markets around the…
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