country flagالعربية
0

Best Opportunities, Vision and Technical Analysis for The Gold 11 March 2019

2019-03-10 11:18 pm | Resource: Technical Analysis | No Views : 70

Time frame Used - four hours
Gold is moving in a sideway direction in the near term.
GOLD CHART
Gold has rebounded to hit the 1300 level as we mentioned in the previous report as the purchasing power managed to control the movement of gold to penetrate the level of 1289 to the upside and hit the target around the levels of 1300 as the gold faced resistance and selling pressure around this level, forming a negative candlesticks pattern.
 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  1289-1281 and this scenario fails in case of  stabilize above the 1301 level.
The alternative scenario is that the gold break 1301 level higher to test the 1315 level again.
Big Picture
Looking at the daily chart, we notice that gold broke the lower boundary of the up channel and hit to  the 61% Fibonacci correction level Forming a positive candle pattern.
GOLD DAILY CHART
Recommendation
Sell gold around the current levels for targeting 1289 - 1281 with the activation of stop loss in the case of closure above the level of 1301.
Resistance: 1301 - 1315 - 1320
Support: 1289 - 1281 - 1277
  Direction: sideway
Technical Analysis
Commodities Analysis
Bitcoin News


Other news

Gold prices settle at four-month low

Gold prices recorded some correction higher than their four-month lows on pressure from US equity gains and dollar strength. Traders also closely followed recent developments on the China-US trade front, where the two sides are said to conclude a potential trade deal. US officials will head to Beijing next Tuesday for a new round of talks, the White House said. The White House said it would be followed by more…

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 doubts.TradingPekk.com 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.