The gold strengthened when the dollar got under pressure

July 28, 2016

The gold strengthened when the dollar got under pressure in the USD/JPY after Abe Sindzó’s comments regarding the fiscal stimulus implementation next week. The Fed decision regarding the rates and the regulators’ comments supported the yellow metal by the end of the day.

Current situation

Technically, the main trend is up. Traders pushed the gold higher yesterday; the session high was marked at 1340. The resistance is seen at 1360, the support stands at 1330.

MACD indicator is at the centerline. If the histogram enters the positive territory, that will indicate buyers’ positions strength. If MACD returns into the negative area the sellers will take control over the market. Indicator RSI grew to the overbought area.

Technically, the 1 hour chart shows that the instrument grew and broke through the 50, 100 and 200 EMAs. The 50, 100 and 200 Day EMAs are turning upwards.

Trading recommendations

We believe the gold will grow towards the resistance 1360.

Publication source
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