Gold prices were not able to record any meaningful recovery

24 November, 2016

The dollar strengthened amid strong Durable Goods Orders and Housing Price Index. The latested US data weighed on the yellow metal prices.

Current situation

In terms of technicals the bearish trend remained intact. Markets were calm ahead of the bunch of U.S. data. Gold prices were not able to record any meaningful recovery on Wednesday and continued consolidating within a narrow band near last week lows. A new sellers’ attack pushed prices lower. The XAU/USD broke 1200 and tested 1190 ahead of NA opening. The price spent the day below the moving averages in the 4 hours chart. The moving averages kept moving lower. The resistance exists at 1200, the support stands at 1190 dollars per ounce.

The chart slightly changed from yesterday. The indicators MACD and RSI still recommend short positions.

Trading recommendations

A breakout of 1210 would aim us for 1200. A daily close above 1220 may generate fresh bullish signal for further advance towards 1230 dollars per ounce.


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