Gold Technical analysis 28 December 2018
2018-12-28 08:40 am | Resource: Technical Analysis | No Views : 64
Gold is moving in a bullish direction in the near term.
The purchasing power managed to control the movement of gold to bounce gold once again to reach the resistance level of 1279 where it still faces resistance and selling pressure around this level.
In view of the technical indicators
Both the RSI and the Stochastic are indicating to the arrival of indicators in the overbought area.
Therefore, we expect that the gold will fall back to level of 1266-1264 again, and this scenario would fail if gold breached the 1279 level higher.
The alternative scenario is that the gold breached level of 1279 to upside to target levels of 1285-1292.
Sell Gold around 1279 levels targeting 1266, with the activation of stop loss in the case of closure above the level of 1279.
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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