XAU/USD pair stays above 1210 dollars

25 January, 2017

Uncertainties around Trump's Presidency continued weighing on gold prices limiting a downslide on Tuesday.

Current situation

Despite the ongoing easing the precious metal remained in green on Tuesday. The resistance 1220 dollars per ounce appeared to be a tough nut to crack. After testing the level the metal bounced back in the Asian session and returned to 1210 in the European one. Sellers lost their steam around the handle waiting for new market movers. The 50 and 100 EMAs kept their advance north while the 200-EMA just turned upwards. The resistance exists at 1220, the support stands at 1210 dollars per ounce.

MACD decreased which indicates the buyers’ positions weakening. RSI moved to a downside.

Trading recommendations

If the XAU/USD pair stays above 1210 dollars per ounce the gold spot may escalate up to 1220 first, en route to 1230.


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