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Gold Technical analysis 4 January 2019

2019-01-04 02:26 am | Resource: Technical analysis | No Views : 62

Time frame Used - four hours
Gold is moving in a bullish direction in the near term.
The Bulls still dominate the gold movement to continue to gain further gains to reach the gold to the resistance levels of  1298-1300 which represents an important resistance 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 retreat to levels of  1292-1285, and this scenario will fail if gold breaks above the 1300 level.
The alternative scenario is that the gold breached level of 1300  higher to target the 1309 level.
Our view is neutral about gold now.
Resistance: 1300 - 1309 - 1325
Support: 1292 - 1285 – 1279
  Direction: Up
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