The traders preferred buying the gold

1 August, 2016

The traders preferred buying the gold on Friday after the disappointed Fed’s decision to keep the rates unchanged. The Bank of Japan disappointed traders as well as the markets expected bolder actions from the regulator.

Current situation

Daily and weekly technical studies remain bullish. The pair had a positive day on Friday. Bulls are gradually gaining more control over the market. The buyers managed to lead the price from the support 1330 to the mark 1350. The resistance is seen at 1360, the support stands at 1330.

Indicators generated a buy signal. MACD is in the positive area. The histogram grew which indicates the buyers’ growing strength. Indicator RSI approached the overbought area.

Technically, the instrument is above the 50, 100 and 200 EMAs in the 4 hours chart. The price was growing from the moving averages. The 50-EMA is crossing the 100-EMA upwards. The 50, 100 and 200 Day EMAs are moving upwards.

Trading recommendations

The overall outlook remains bullish, for a rise towards 1360 resistance area.


Source link  
Gold price sharply dropped

Buyers continued to struggle with 1290. However, all their attempts faced sellers' resistance around the hurdle. The level rejected the price...

Sellers continued to dominate

The euro bounced from 1.1750 and weakened to 1.1700 during the night and morning trades. The resistance resides at 1.1750, the support comes in at 1.1700...

Gold prices extended their recovery

XAU/USD pushed away from 1260 and rallied towards 1270 dollars per ounce. The resistance exists at 1270, the support stands at 1260 dollars per ounce...


Gold prices turned around

Gold prices turned around when the spot reached 1265. Sellers drove the price to 1255 where they lost momentum. The precious metal returned to 1265...

Gold bounced off 1210 and rallied to 1220

The spot remained in a downward channel and just approached its upper boundary. The level rejected the price in the late European session...

Gold prices continued to consolidate

The weakness in the stock markets has helped to keep the prices buoyed but as the markets recover, we should see the gold prices come under pressure...


XAUUSD going downwards

Taking that into consideration looks as the market demonstrates its intention of sell-off start soon. Resistance is hold at 1250...

XAUUSD was moving aside

In order the long-terms traders are come back here the price might easily reach...

Pound continues to reach its heights

On Monday the British pound was going lower at opening...

  


Share: