The traders preferred buying the gold

August 1, 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.

Publication source
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