Gold prices edged lower

24 October, 2016

Gold prices edged lower on Friday following the U.S. dollar strengthening. Meanwhile, the latest ECB’s decision supported the yellow metal.

Current situation

Gold prices traded mixed on Friday. The yellow metal traded lower the half of the day and higher the other half. Sellers moved the price to the level 1260 dollar per ounce which appeared a solid barrier for it. The pair bounced from the level and reversed some of its losses. The XAU/USD traded in the 1264 region ahead of the NY session. The 50-EMA stopped the further gold prices weakening in the 4 hours chart. The price bounced off the line and moved higher to the 100-EMA. The resistance is at 1270, the support comes in at 1260 dollar per ounce.

MACD remained at the same level which confirms the strength of sellers. The RSI indicator is near overvalued territory, favoring a new move lower.

Trading recommendations

A bearish continuation through 1260 should lead to a continued slide, with 1255 as the first probable target. A close below this mark will allow sellers to move lower towards 1250 dollars per ounce.


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