Best Opportunities, Vision and Technical Analysis for The Gold 16 April 2019
2019-04-16 09:03 am | Resource: Technical Analysis | No Views : 341
Gold is moving in a bearish direction in the near term.
Gold is still able to achieve more losses as the selling force managed to push the yellow metal to witness a further decline to hit 182 level, forming a positive candlestick pattern.
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 1294 level again, and this scenario fails in the case of instability above 1281 level.
The alternative scenario is that gold fall below 1281 level for targeting 1275-1265 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.
Our vision is currently neutral about the yellow metal.
Resistance: 1286 - 1294 - 1301
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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