Gold Sideways, Watch Support Resistance

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Analisa Teknikal Forex – Gold tends to be in a sideways condition while in general is still in the bullish bias, and when viewed from stochastic oscillator and CCI are in the over Bought area provide an opportunity for gold to rebound.

Therefore take note of support in the area of 1186.65 – 1191.65 to seek confirmation of a buy signal with gold targets will pullback to the range level of 1197.20 – 1202.75. But beware, if the support at 1186.65 levels successfully penetrated as this will hit gold lower to the range at 1176.10 – 1178.60.

Another scenario is if gold rises noticed the resistance in the area of 1202.75 – 1207.75 to seek confirmation of a sell signal with a potential gold will rebound to the range 1194.70 – 1186.65. But beware, if the resistance at 1207.75 levels successfully penetrated as gold will continue its bullish bias with a target to test resistance at 1212.75 – 1215.80