country flagالعربية

Gold Technical analysis 9 January 2019

2019-01-08 11:56 pm | Resource: Technical Analysis | No Views : 94

Time frame Used - four hours
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
  Direction: sideway
Technical Analysis
Commodities Analysis
Bitcoin News

Other news

Gold is rising and anticipation of the Brexit and fears of a decline in economic growth

 Gold traded higher on Friday as markets awaited developments in geopolitical events such as the Beijing-Washington trade talks and the BRICT. UK exit opportunities from the EU without a 50-50 agreement Luxembourg Prime Minister Thierry Mae announced Thursday that the chances of Britain's exit from British Prime Minister Theresa Mae were "50-50". The President of the State of Luxembourg added that the extension of article 50 would only bear fruit…

More news

Best trading brokers

All Rights Reserved
Risk Disclaimer: Trading in foreign exchange market (Forex) includes the risks and the possibility of loss. That is why we are keen on providing the highest quality news and analysis concerning the different markets traded. The opinions expressed in the site indicate the opinion of the author only and not the views of the administration or the public, knowing that errors could be encountered and there is a possibility to commit them. Before starting to trade you should carefully consider your investment objectives, and review the level of experience and risk appetite. In some cases, possible high leverage can lead to loss of funds invested, so you can not invest money that you can not handle its possible loss. You should be aware of all the risks associated with foreign exchange trading and seek for advices from an independent financial advisor if you have any does not assume any responsibility after the occurrence of financial loss to the dealer and the user carries full responsibility for the losses resulting from the use of news, analysis and data on the site.