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Gold Technical analysis 27 December 2018

2018-12-26 11:34 pm | Resource: Technical Analysis | No Views : 134

Time frame Used - four hours
Gold is moving in a bullish direction in the near term.
GOLD CHART
The purchasing power managed to regain control of the gold movement to penetrate the gold resistance level of 1266 to reach the level of 1279 where it encountered resistance and selling pressure around this level to fall back to the support level of 1266 and also touches the Sub-section uptrend line.
 In view of the technical indicators
Both the RSI and the Stochastic are indicating to a lack of signals.
 Therefore, we expect that the gold will rebound to level of 1279 again, which by breaking it above will target the levels of 1285-1292, and this scenario will fail if gold breaks level of  1264 down.
The alternative scenario is that the gold broke level of 1264 down to drop the gold to levels of 1253 - 1250.
Recommendation
Buy the gold around the 1266 levels for targeting level of 1279, with the activation of stop loss in the case of closure below the level of 1264.
Resistance: 1279 - 1285 - 1292
Support: 1264 - 1253 - 1241
Resistance: 1266 - 1275 - 1285
Support: 1250-1241-1234
  Direction: Up
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