Gold Technical analysis 11 January 2019
2019-01-11 12:30 am | Resource: Technical Analysis | No Views : 50
Gold is moving in a sideway direction in the near term.
Gold is still facing resistance and selling pressure around 1294-1298 levels , but it is still cosolidation above the 1277 level.
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
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…
- Oil rises after reports on OPEC output cuts 09:11 am2019-01-18
- Gold settled in trading Thursday 17-01-2018 12:45 pm2019-01-17
- Oil fell after the US Energy Information Administration data 08:32 am2019-01-17
- Oil rises as demand rises from China 10:59 am2019-01-16
- Gold rise due to uncertainty after the rejection of the exit agreement 10:06 am2019-01-16
- Gold fell as stocks rose and the dollar stabilized 10:50 am2019-01-15
- Oil traded in the Green Zone, up more than 1 percent 08:16 am2019-01-15
- Gold rises amid risk aversion after Chinese data 10:25 am2019-01-14
- Oil fell 1 percent, Brent retreats below 60 dollar 08:08 am2019-01-14