12 January, 2017
Gold prices have rebounded since mid-Dec after testing the significant support line at 1120. On the 4 hourly chart, gold bullish momentum has been strengthened since the beginning of this year, helped by the dollar retracement.
Gold spot has been trading along the downside uptrend line support year to date, breaking the two near term major resistances at 1160 and 1180 respectively.
Yet gold spot is currently trading below the 50 SMA at 1990.88 on the daily time frame.
In addition, the price nears the long term significant resistance level at 1200, the selling pressure is heavy at the level, the bullish momentum is likely to be restrained here.
The daily Stochastic Oscillator nears the level of 90, suggesting overbought, be aware of a retracement.
The resistance level is at 1190, followed by 1195 and 1200.
The support line is at 1185, followed by 1180 and 1175.
Trump’s first press conference in 2017 will be held around 16:00 GMT this afternoon.
The dollar index is currently marching higher, climbing from the support at 102.00, nearing the resistance at 102.50.
It is impossible to predict the content of his statement, but be aware that this uncertainty might cause great volatility to the dollar, dollar crosses, and precious metals.
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