Gold remained under pressure

13 February, 2017

Gold remained under pressure after Trump’s tax announcement. Moreover, the upbeat Chinese Trade Balance added extra pressure.

Current situation

Sellers met a barrier in the 1220 region. Bears were unable to drive the Forex pair lower and retreated giving the way to buyers. The price bounced off 1220 dollars per ounce and reversed some of its recent losses. The gold price bounced from the 50-EMA in the 4 hours chart. The spot continued developing well above its moving averages during the day. The 50 and 200-EMAs were bullish while the 100-EMA remained neutral in the same chart. The resistance exists at 1230, the support stands at 1220 dollars per ounce.

MACD decreased which indicates the buyers’ positions weakening. RSI consolidated within the oversold area.

Trading recommendations

The bullish scenario prevailed on Friday. A close above 1230 will trigger fresh gains towards 1240 dollars per ounce.


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