Gold Bullish, Beware Stochastic overbought at H4 - Bias potential for the movement of gold is still bullish for today, especially for the price moves above the signal MA 50-100-200 in the 4 hours chart. However, prices are likely to fall in the short term due to the stochastic indicator is in the overbought area.
For the downside, closest support level seen in the area in 1130, through to the bottom of the zone rates will likely move along at least neutral instructions to test the 1122 area before retesting to strong support area in 1115. Meanwhile, to the upside, immediate resistance levels seen in the area in 1142, through to the top of the region's bullish price pressure get further into the area in 1148 before retesting to strong resistance area in 1160.
Resistance levels: 1142, 1148, 1160
Level of support: 1130, 1122, 1115
