Gold prices grew

30 December, 2016

Gold prices grew on Thursday as risk-off sentiment made them more attractive in the current thin market.

Current situation

The precious metal was able to extend its recovery yesterday amid broad based U.S. dollar retracement. Gold prices jumped on Thursday morning and reached the 1150 hurdle at the beginning of the European session. The metal failed to break through the resistance which appeared to be a hard nut to crack. The level rejected XAU/USD which slightly rolled back ahead of the NY session. The price broke the 50-EMA upwards and tested the 100-EMA in the 4 hours chart. The yellow metal failed to regain the 100-EMA and bounced off the moving ahead of the NY session. The price was in-between the 50 and the 100 EMAs in the first part of the day. The 50-EMA was neutral while the 100 and the 200-EMAs pointed lower in the same chart. The resistance exists at 1150, the support stands at 1140 dollars per ounce.

MACD traded to the upside. The RSI indicator left the overvalued territory.

Trading recommendations

The technical picture presents a bearish tone. We suppose the price will return to 1140 first. Having overcome the first target the price might advance towards 1130. If the price breaks above 1150 it is likely to accelerate the up-move towards 1160 dollars per ounce.


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