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Gold Technical analysis 10 October 2018

2018-10-10 05:23 am | Resource: Technical Analysis | No Views : 95

Time frame Used - four hours
Gold is moving in a bearish direction in the near term
The bears managed to control the movement of gold to retreat down to the levels of 1183 - 1182
  In view of the technical indicators
Both the RSI and the Stochastic are pointing to the arrival of the indicators into the oversold area and the performance of the indicators is closed
  Therefore, we expect that the gold will test level of  1191 again, which will breach the level above will test levels of  1204-1208
The alternative scenario is that the gold drop down to the level of 1169
Resistance: 1191 - 1204 - 1208
Support: 1182 - 1169 - 1160
  Direction: Down
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