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Gold Technical analysis 11 January 2019

2019-01-11 12:30 am | Resource: Technical Analysis | No Views : 54

Time frame Used - four hours
Gold is moving in a sideway direction in the near term.
GOLD CHART
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.
Recommendation
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
  Direction: sideway
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