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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