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Gold Technical analysis 15 October 2018

2018-10-14 10:01 pm | Resource: Technical Analysis | No Views : 110

Time frame Used - four hours
Gold is moving in a bullish direction in the near term
The purchasing power managed to control the movement of gold to penetrate the level of 1215 to reach the resistance level of 1226, where it faces selling pressure around this level Forming a negative candlestick 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 fall back to level  1215-1212 again
The alternative scenario is that gold breach level 1226 higher to target the level of 1235
Resistance: 1226 - 1235 - 1247
Support: 1212 - 1204 - 1191
  Direction: Up
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