Gold was stronger on Thursday

3 February, 2017

Dovish Fed's remarks coupled with ongoing worries over Trump's policies kept on weighing on the US dollar. BoE's rate decision triggered some volatility in markets maintaining risk-off sentiment among traders. Focus now shifts towards the US Non-Farms payrolls.

Current situation

Gold was stronger on Thursday, trading near local highs against the dollar. Gold spot extended its bullishness in the early trades and reached the mark 1215 dollars per ounce where buying momentum faded for a while. The precious metal extended its gains and broke the 1220 resistance in the late European trades. The metal remained above its moving averages in the 4 hours chart. The 100 and the 200-EMAs headed upwards while the 50-EMA was flat. The resistance exists at 1230, the support stands at 1220 dollars per ounce.

The MACD histogram grew which indicates buyers’ strength. RSI stayed within the overvalued readings.

Trading recommendations

We believe bulls will remain in driver’s seat. A daily close above 1220 will risk the gold price to extend the recovery pace towards 1230 dollars per ounce.


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Euro extended its bullish momentum

The line rejected the pair which eased towards 1.1650 afterwards. If the price breaks below 1.1650 sellers may push the euro to 1.1600...

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The precious metal is around the lower boundary of the upward channel now. If sellers remain in the driver’s seat the spot may continue...

XAU/USD pair keeps its buy mode intact

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Rebound from 1280 lifted gold prices

The spot jumped to 1290 and broke the level soon after testing it. As the most probable scenario, we consider further moving upwards towards...

Gold price sharply dropped

Buyers continued to struggle with 1290. However, all their attempts faced sellers' resistance around the hurdle. The level rejected the price...

Sellers continued to dominate

The euro bounced from 1.1750 and weakened to 1.1700 during the night and morning trades. The resistance resides at 1.1750, the support comes in at 1.1700...

  


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