Gold Technical analysis 4 January 2019
2019-01-04 02:26 am | Resource: Technical analysis | No Views : 62
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
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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