Gold prices gave up their recent gains amid the US dollar recovery

8 February, 2017

Gold prices gave up their recent gains amid the US dollar recovery. However, the decline appeared to be limited as the uncertainty over the US President Donald Trump's policies supported the demand for the metal.

Current situation

Gold stopped its winning streak and showed mild negative bias on Tuesday. The metal gave up its recent gains in the Asian session and retreated a bit towards 1230 afterwards. The 1230 handle slowed sellers' advance holding the gold spot within its region. The 4 hours chart showed that the gold price hovered above its moving averages. The 50-EMA crossed the 100-EMA upwards. The moving averages pointed higher in the same chart. The resistance exists at 1240, the support stands at 1230 dollars per ounce.

The MACD histogram grew which indicates buyers’ strength. RSI consolidated within the overvalued area.

Trading recommendations

The bullish trend remained intact. Our profit-target is at 1240. To ease the current buying pressure the price needs to fixate below 1220 dollars per ounce.


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