Best Opportunities, Vision and Technical Analysis for The Gold 20 March 2019
2019-03-20 09:33 am | Resource: Technical Analysis | No Views : 70
Gold is moving in a bearish direction in the near term.
The bears managed to control the movement of gold to drop gold below the level of 1301 again, where we notice that the gold moves below the Bollinger’s moving average line.
In view of the technical indicators
Both the RSI and Stochastic are indicating to weakness of the indicators.
Therefore, we expect gold to fall back to 1297-1292 and this scenario fails to hold steady at 1306.
The alternative scenario is that the gold dropped to the 1289-1281 levels.
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 candlesticks pattern, and both the RSI and the Stochastic are indicating to the recovery of indicators and accordingly we expect that the gold will target at 1325.
sell gold around the current levels for targeting 1297 - 1292 with the activation of stop loss in the case of closure above the level of 1301.
Resistance: 1306 - 1311 - 1311
Gold prices rose on Friday as concerns about growth continued ahead of US GDP data due later in the day. US Futures Contracts US stocks futures settled on Friday as investors halted ahead of GDP data, which is expected to show that the world's largest economy maintained moderate growth in the first quarter. Despite some reassuring data from the United States and China recently, concerns about global growth remain. GDP…
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