Gold remained around its recent peaks

20 February, 2017

Gold remained around its recent peaks on Friday. The price failed to advance beyond 1240 facing sellers’ resistance on any up-move in the early trades. The metal made another attempt to grow in the late European session. The price pushed away from 1240 and reached 1245 in the NY session opening. The 4 hours chart showed that the gold price hovered above its moving averages. The 50, 100 and the 200-EMAs maintained their bullish slope 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 readings.

Trading recommendations

Despite the overall positive outlook the yellow metal seems to be having problems with its further advance. Inability to move higher may return some selling pressure to markets. Sellers’ profit targets lie at 1230 and 1220 levels.


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