Gold Technical analysis 27 December 2018
2018-12-26 11:34 pm | Resource: Technical Analysis | No Views : 73
Gold is moving in a bullish direction in the near term.
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.
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
Gold prices rallied after a period of fluctuation amid rumors after reports that US Treasury Secretary Steve Menochon might suggest easing or eliminating import tariffs on Chinese goods. China also confirmed on Thursday that Vice Premier Liu Hu will visit Washington from Jan. 30 to 31 as part of ongoing trade talks between the two countries. Late last year, the United States and China agreed to halt new measures on…
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