Best Opportunities, Vision and Technical Analysis for The Gold 17 April 2019
2019-04-16 11:11 pm | Resource: Technical Analysis | No Views : 444
Time frame Used - four hours
Gold is moving in a bearish direction in the near term.
Gold continued to gain more losses as bears managed to push the yellow metal to see further violent decline below 1281 level to hit 1275 level, trying to maintain stability above this 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 1281-1286 levels again, and this scenario fails in case of stability above 1275 level.
The alternative scenario is that gold is dropping to 1265-1255 levels.
Looking at the daily chart, we see that gold has retreated below 61% Fibonacci correction, forming a negative candlestick pattern.
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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