Gold Technical Report: Corrective Bounce Likely

Gold could see a corrective bounce above $1,290, as the 4-hour chart is showing signs of bearish exhaustion.

Gold – Multiple long-tailed candles near $1,280 support indicate seller exhaustion. That coupled with a bullish divergence (higher lows on the RSI) indicate scope for a corrective move higher to descending 10-day MA, currently located at $1,298.

Economic Data – 08 March 2019 – U.S. Nonfarm Payrolls / U.S. Unemployment Rate

The probability of a corrective bounce, however, would drop sharply if the immediate support at $1,280 is breached.

Gold Trend : oversold bounce likely

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Neal Bhai has been involved in the Bullion and Metals markets since 1998 – he has experience in many areas of the market from researching to trading and has worked in Delhi, India. Mobile No. - 9899900589 and 9582247600

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