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Gold Technical analysis 16 May 2018

2018-05-16 06:00 am | Resource: Technical Analysis | No Views : 52

Time frame Used - four hours
Gold is moving in a bearish direction in the near term
The selling force managed to control the movement of gold to break gold level of  1300 down to reach the level of 1288
  In view of the technical indicators
Both the RSI and the Stochastic are indicating signs of recovery
  Therefore we expect that the  gold will  test levels  of 1300-1308
The alternative scenario is  that the Gold test level of   1381
Resistance: 1300 - 1308 - 1326
Support: 1288 - 1281 - 1274
  Direction: Down
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