The gold held a bullish tone

13 January, 2017

Unclear Donald Trump's plans regarding his future economic/fiscal policies boosted gold prices towards 7-week highs.

Current situation

The gold held a bullish tone on Thursday. Traders pushed the metal higher and broke 1200 in the early European trades. The pair accelerated its rally after the hurdle break and advanced towards 1210 dollars per ounce afterwards. The gold spot hovered above the moving averages in the 4 hours chart. The 50-EMA headed north crossing the 200-EMA upwards. The 200-EMA stayed flat while the 100-EMA pointed higher. The resistance exists at 1210, the support stands at 1200 dollars per ounce.

MACD remained at the same level which confirms the strength of buyers. RSI indicator remained within undervalued territory favoring a new move higher.

Trading recommendations

Daily studies turned bullish and support further upside. A break above 1210 may open the way towards 1220. A downtrend will start as soon, as gold prices drop below the support level 1180 dollars per ounce. We do not exclude some profit-taking after the recent rally.

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