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  
Expectations of higher rates

On Thursday global stock markets continue to decline after a sharp sell-off in US stock exchanges on Wednesday. The risks are more likely to be exerted...

Low activity in asian markets

Asian stock indexes traded mostly in green territory following solid gains on Wall Street in the prior session, but many markets remained close in...

Asian stock markets mostly higher

Asian stock markets started broadly higher this week, with commodity prices pushing some key names in the region to the upside as the dollar corrected downwards...


Market selloff: a mistake, really?

Wall Street top three indexes went down on Monday following last week’s employment report by the US Labor Department. Data showed the economy added...

Asian equity indexes higher

Asian equity indexes were mostly higher on Tuesday following a solid lead from Wall Street as lawmakers were able to revert the government shutdown...

Pressure on dollar is increasing

USD dollar opens a new week under pressure, being at record low levels. The dollar index is currently traded at 90.25 points, the level last seen on the...


Tax reforms remains in focus

Asian equity indexes displayed a mixed dynamic on Wednesday as attention was entirely directed to an ongoing debate in the US over...

CBs refrained from changes

ECB economists now expect that the euro area economy will grow by 2.3% in 2018, well above the expected growth of 1.8% growth forecasted back...

Asian stock indexes drop

Equity indexes in Asia were mainly lower in late hours on Wednesday, as investors’ sentiment was affected by a weak close on Wall Street...

  


Share: