Gold Technical analysis 8 January 2019
2019-01-08 05:50 am | Resource: Technical Analysis | No Views : 107
Gold is moving in a sideway direction in the near term.
Gold has already rebounded again, as we predicted in the previous report, as bulls managed to push prices higher to hit level of 1294 as this level witnessed selling pressures that pushed it back down again forming a lower high than the previous high, suggesting a bigger correction Next period.
In view of the technical indicators
Both the RSI and Stochastic are indicating to decline of the indicators.
Therefore, we expect that the gold will retest the 1279-1277 levels, Which by breaking it down will target the level of 1266-1253, and this scenario would fail if gold breached the 1298 level to upside.
The alternative scenario is that the gold level of breached level of 1298 higher to target levels of 1309 - 1325.
Our view is neutral about the gold now, Taking into consideration the closing of any buying position in in case of the closure below the 1277 level.
Resistance: 1300 - 1309 - 1325
Support: 1279 - 1266 – 1253
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