Renewed interest towards risky assets weighed on gold prices

11 November, 2016

Renewed interest towards risky assets weighed on gold prices on Thursday.

Current situation

The XAU/USD traded mixed on Thursday. Gold prices managed to recover on yearly trades and tested the level 1290. Buyers failed to take out the level, prices bounced downwards, broke the level 1280 and moved lower ahead of the US opening. Gold prices broke the 200 and 100 EMAs and stopped at the 50-EMA in the 4 hours chart. The resistance is at 1280, the support comes in at 1270 dollars per ounce.

MACD decreased which confirms the strength of sellers. RSI is going downwards which confirms the strength of sellers.

Trading recommendations

We believe the bearish tone will remain intact. As the most probable scenario, we consider further moving downwards towards the level at 1270. A close below 1270 will trigger losses towards 1260.


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